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We have worst form of capitalism that has drained middleclass, vanished poor

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Capitalist system has failed and the future of the world as well as that of Pakistan lies in socialism. Prosperity will remain a dream in absence of a mixed economy, a former top official said Wednesday. Former Secretary-General and Minister of State for Foreign Affairs M. Akram Zaki said that collapse of former USSR was confused with demise of a system that was wrong. Now west is spending billions to take big corporations into state control.

Talking to Dr. Murtaza Mughal, President, Pakistan Economy Watch, the former Senator said that all the countries have progressed through socialist policies but US hated the word ‘regulation’ which has landed it into a debt of 10.5 trillion dollars. “We see worst type of capitalism in Pakistan which is bleeding the middle class white while poor are on the verge of extinction,” said Zaki.

He told Dr. Mughal and others that masses in Pakistan have always been in crisis and presently a small group aligned with US is in crisis. He lamented that state has no control over its resources saying that a better word for privatization is robbery. But, he said, the culprits have never been brought to book. Not a single unit has been sold in a transparent manner in the history of country.

He said that former prime minister Shaukat Aziz was nothing but a PRO (Public Relations Officer). Bankers are only trained to maximize profits while real leaders prefer the national interest in all their decisions. “Unfortunately it has been otherwise in Pakistan.”

The former Ambassador said that our country has been turned into is a heaven for importers as we have been made badly dependent on imports. “Pakistan should not import anything above its payment capacity.” Former Chief Justice SC Iftikhar Chaudhry tried to provide social justice and favoured country by blocking sale of steel mills, a bid to de-industrialize the country, he added.

At the occasion Dr. Murtaza Mughal said that all the political parties have failed as they have been serving interests of feudal, US, UK and India. There is a need for change. -Pak Economy Watch

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Omer Azamhttp://www.pak-times.com
Omer Azam is Social Media Marketer, very active on propeller; he is very much interested in International Politics.
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