Who Owns Pakistan - Yimg

A white paper on " Economy under Bhutto", released by Zia ul haq in 1979 had
observed that " nationalization of industaries by Bhutto was intended to break the
economic potential of any possible political opposition. At the same time it
(nationalization) placed with the government tremendous power of patronage,
resources and employment opportunities which could be used for the support of
party in power".
Ironically the same argument was used by Benazir Bhutto and her allies against
Nawaz Sharif's privatization. It was stated in speeches and press conferences by
the Pakistan People's Party leaders that if Nawaz Sharif was allowed to procede
with plans for privatization, he would bring about such a concentration of powe in
the hands of a "coterie of business class" that it would be impossible for any
political party or organisation to defeat him and his friends.
The book in the following pages, thus, is not merely an academic journey into two
recent eras of Pakistan's economic history. It is an investigation into the causes
of concentration of wealth in few hands, effects of nationalization of key industrial
units and two decades later their privatization. Like Charles Dickens "Tales of
two cities", Bhutto's nationalization and Nawaz Sharif/ Benazir's privatization
promised light but brought darkness, spring of hope that turned out to be winter
of despair.
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