Nationalisation in Pakistan

The total GDP per capita stood between 8.4% (in the 1970s) and 8.3% (in 1993–96), periods of nationalisation.

The nationalisation process in Pakistan[1] (or historically simply regarded as the "Nationalisation in Pakistan") was a policy measure programme in the economic history of Pakistan that negatively impacted the country's industrialization and undermined the trust of businessmen and investors. The process was first introduced, promulgated and implemented by Zulfikar Ali Bhutto and Pakistan Peoples Party to lay the foundation of socialist economics reforms to improve the growth of the national economy.[2] Since the 1950s, the country had undergone a speedy industrialisation.[3] But, as time progressed, the labour trade unions and labour-working class had increasingly strained relations with the industrial business oligarch class, having neglected to improve working conditions and failing to provide a healthy and safe environment for the workers in these industrial industries.[4]

The nationalisation programme began on 2 January 1972, with a vision to promote economic democracy, liberalisation, and an initial mainstream goal to put Pakistan in line with state progressivism.[3] Ended effectively in 1977, the nationalisation programme was again put forward by Prime Minister Benazir Bhutto in 1996,[5] and most recently by then-current Prime minister Yousaf Raza Gillani in 2012 who activated the programme to bring three major megacorporations (Steel Mills, Railways and International Airlines) under government ownership in an attempt to improve its structure and to alleviate its profitable process.[6]

Despite its success in its formative years, such policy measure programmes met with an extreme[clarification needed] level of spontaneous demonstration and international and national opposition that left disastrous effects on Pakistan's national economy[7] and government takeover of private companies made Pakistan economy worst and investor's trust lost in Pakistan until it was replaced with the privatisation programme by later governments.[8]

  1. ^ Riazuddin, Riaz. "Pakistan: Financial Sector Assessment (1990–2000)". Economic Research Department of State Bank of Pakistan. State Bank of Pakistan. Retrieved 2 June 2012.
  2. ^ Story of Pakistan (June 2003). "Zulfikar Ali Bhutto becomes President". Jun 1, 2003. Story of Pakistan. Retrieved 31 May 2012.
  3. ^ a b Cite error: The named reference Syed Rasul Raza was invoked but never defined (see the help page).
  4. ^ Bhurgri, Abdul Ghafoor; Sani H. Panhwar. "§Nationalization and Land Reforms". Zulfikar Ali Bhutto: The Falcon of Pakistan (web books). Abdul Ghafoor Bhurgri and Pakistan Peoples Party. pp. 284–289.[permanent dead link‍]
  5. ^ Cite error: The named reference Greenwood publishing Group, Inc was invoked but never defined (see the help page).
  6. ^ Cite error: The named reference The Tribune Express, Iftikhar Firdous was invoked but never defined (see the help page).
  7. ^ Group News (30 October 2010). "Nationalization of educational institutions was blunder". Dawn News Group. Retrieved 31 May 2012.
  8. ^ Malcolm Borthwick (1 June 2006). "Pakistan steels itself for sell-offs". BBC Pakistan, Malcolm Borthwick. Retrieved 30 May 2012. Pakistan has had the most broad-based structural reform of any country in Asia. Last year, we were the second fastest growing economy in the world after China. We grew at 8.4%