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2025, Islami inqilab
Islamic parties in Pakistan do not have a coherent economic agenda. They generally endorse a social democratic reform program without an appreciation of the capitalist context within which their social democratic reforms are inevitably situated in present day Pakistan. Thus, the social democratic economic agenda advocated by the Islamic parties if wholly or partially implemented, will provide Islamic legitimation of capitalist policies. This paper outlines the economic prospects for 2025 so as to understand the strategy of the incumbent regime. This serves as a basis for developing some tentative proposals for challenging imperialist capitalist hegemony in the economic sphere and the development of a non-capitalist sphere of production and exchange in Pakistan by the Islamic parties.
2019
This volume makes a major intervention in the debates around the nature of the political economy of Pakistan, focusing on its contemporary social dynamics. This is the first comprehensive academic analysis of Pakistan's political economy after thirty-five years, and addresses issues of state, class and society, examining gender, the middle classes, the media, the bazaar economy, urban spaces and the new elite. The book goes beyond the contemporary obsession with terrorism and extremism, political Islam, and simple 'civilian-military relations', and looks at modern-day Pakistan through the lens of varied academic disciplines. It not only brings together new work by some emerging scholars but also formulates a new political economy for the country, reflecting the contemporary reality and diversification in the social sciences in Pakistan. The chapters in this volume dynamically and dialectically capture emergent processes and trends in framing Pakistan's political economy and invite other scholars to engage with and move beyond these concerns and issues.
New Perspectives on Pakistan's Political Economy, 2020
This volume makes a major intervention in the debates around the nature of the political economy of Pakistan, focusing on its contemporary social dynamics. This is the first comprehensive academic analysis of Pakistan's political economy after thirty-five years, and addresses issues of state, class and society, examining gender, the middle classes, the media, the bazaar economy, urban spaces and the new elite. The book goes beyond the contemporary obsession with terrorism and extremism, political Islam, and simple 'civilian-military relations', and looks at modern-day Pakistan through the lens of varied academic disciplines. It not only brings together new work by some emerging scholars but also formulates a new political economy for the country, reflecting the contemporary reality and diversification in the social sciences in Pakistan. The chapters in this volume dynamically and dialectically capture emergent processes and trends in framing Pakistan's political economy and invite other scholars to engage with and move beyond these concerns and issues.
1971
The purpose of this article is to examine the different possible paths the Pakistan People’s Party could take following its coming into power in December 1971. For this purpose the paper examines the economic and political forces that were operating in the country at that time, the main options open to it and the consequences and limitations of the path it eventually takes.
The Round Table, 2021
This article examines Pakistan’s search for a model of political economy capable of meeting the national objectives of industriali- sation and accumulation of sufficient military power to deter India. It contends that the period of promise (1950s and 1960s) was made possible through heavy subsidies drawn from East Pakistan and the West. The resultant hubris blinded Pakistan’s rulers to growing discontent in the eastern wing of the country while encouraging them to take serious strategic risks against India. The unravelling of this strategy plunged Pakistan into a permanent crisis of its national political economy characterised by underdevelopment, internal and external fiscal imbalances, and a failure to mobilise national resources on a scale commensurate with its national goals. Experiments with socialism (1970s) and neo-classical economics- inspired structural adjustments (since the 1980s) have failed to deliver the desired outcomes and, in fact, entrenched Pakistan’s crisis of political economy.
2016
was subsequently published by PIDE as a monograph. A year later, in ·December 1999, I had the honour of becoming the Governor of the State. Bank of Pakistan and actually participated actively in the formulation and implementation of economic reforms. During· the six year period of public policy making I realised that my knowledge about the political economy as manifested in my PI,DE lecture was incomplete. The narrative was more complex than 1 had developed as an outsider. Now, six years later after my retirement from the State Bank of Pakistan I again reflected upon this topic as an observer and analyst rather than a participant. I realised.
The Pakistan Development Review
In 1998 I was invited by Dr Sarfraz Qureshi, the then Director of PIDE to deliver a lecture on “The Political Economy of Reforms: A Case Study of Pakistan”.1 This lecture was subsequently published by PIDE as a monograph. A year later, in December 1999, I had the honour of becoming the Governor of the State Bank of Pakistan and actually participated actively in the formulation and implementation of economic reforms. During the six year period of public policy making I realised that my knowledge about the political economy as manifested in my PIDE lecture was incomplete. The narrative was more complex than I had developed as an outsider. Now, six years later after my retirement from the State Bank of Pakistan I again reflected upon this topic as an observer and analyst rather than a participant. I realised that my learnings have become much richer by applying these different prisms—those of an international development economist, a public policy-maker and now an independent analyst. ...
2004
In this shrinking global village internet chats, cable TV, talk shows and transmissions through satellite dishes have made perceptions more powerful than realities in influencing public opinion. There is a widely held perception in Pakistan – right or wrong that the popular American view of the U.S.S.R. as an evil empire and communism as a threat to economic and social stability of the world is beginning to resonate itself with Islam replacing communism and Pakistan and other Muslim countries, standing in for the USSR.
BCC & T Press University of Karachi , 2017
This book translates my Urdu publication نظریات و عقائد دارانہ سرمایہ which appeared in 2014. This translation has been undertaken because the language of policy discourse in Pakistan is English and our existing and potential power yielding English reading intelligentsia is illiterate in Urdu. This book presents an introductory Islamic appreciation of capitalist values and ideologies. It argues that capitalist order is fundamentally anti-Islamic and revisionist attempts at systematic accommodation – such as those represented by Islamic banking and Islamic democracy – inevitably lead to a subordination of the Islamic life world in this capitalistic order. The book concludes with an assessment of the opportunities for anti-capitalistic struggle in a liberal order and outlines the responsibilities of the Jama’t-e-Islami Pakistan in initiating and sustaining this struggle. The book is the outcome of deliberation of a study circle established at the behest of Qazi Hussain Ahmad (may Allah bless him) at the Islamic Research Academy Karachi. Although my name appears as author, in reality I have only served as a member of this circle. *This is a draft version
Annals of Human and Social Sciences, 2020
This study focuses on the Islamic economic system. Islam is a complete code of life and it's a Deen. Some sources of income in Islamic economic system are Zakat, Ushr, Jizya, Fai, Khums, Khiraaj, Ushoor, Nawaib and Zaraib. Capitalist is an economic system in which rich becomes richer and poor becomes poorer. There is no right of private ownership in Communist or Socialist economic systems. Socialism is the soft form of Communism. Zakat is anonly system in Islamic economic system. Pakistan's economic system is mixed system.In Pakistan, unfortunately Zakat system is poor. There are many irregularities in Zakat and Baitul Mal funds in Pakistan. Class segregation, corruption, undocumented money and interest (Riba) are the major flaws in Pakistan's economic system.
2001
This work owes to my formal, informal, physical and virtual discussions with many friends and colleagues. 1 express my most sincere gratitude for all of them and many others. My gratitude to: Cecilia, who always reminded me of 'social justice', and keenly listened and questioned my assertions; Dias and Reti, who consistently supported my area of work; Ibrahim Warde, for sharing his experiences; James Bjorkman, my supervisor, for his remarkable patience and methodological discipline; Joop de Wit, for his thought provoking questions; Khalid Masud,for his insights into the subject; Khalid Zaheer, with whom 1 began my formal research; Mahmood Ghazi, for his appreciation; Mujtaba, to whom this paper is dedicated, for his timely advice and reflections; Mukhtar Masood, for sharing his lifelong experiences; National Assembly of Pakistan's Library and Council of Islamic Ideology Staff, for providing velY important resource materials; Nauman Zafar, for his ji-ank observations; Nijatullah Siddiqi, for his in-depth reading and objective criticism; Poufon; my ji-iend and discussant, for his constructive analysis; Salman Masud, for his views; Shagufia, my wife, for her care, support and trust; and to Bazarlaan Consensus, for providing me a peaceful and lively neighbourhood.
The Pakistan Development Review
Pakistan has been facing a deep-seated economic and financial crisis and seemingly intractable governance issues for the last few years. Factors such as international sanctions and global economic slowdown, which have worsened Pakistan’s economic difficulties, were beyond Pakistan’s control. But by and large, the country’s economic and financial difficulties are the result of economic mismanagement in key areas over long periods. Bad governance, as reflected in widespread corruption and poor delivery of public services, and especially poor law and order have given birth to a crisis of confidence in the state. It is argued here that despite this scenario, a long and arduous process of building institutions, setting the policies right, and enforcing a rule-based governance stressing both merit and accountability can put Pakistan back on the road to shared prosperity. Resolving financial problems, accelerating demographic transition, exploiting tremendous agricultural potential, improv...
Course Objectives 1. Familiarize students with some of the important debates within the subject of political economy in relation to Pakistan.
1981
The Institute, established by the Government of Pakistan in 1957, is an autonomous research organisation devoted to carrying out fundamental research on development economics and Islamic economics in general and on Pakistan's economic problems in particular. Its research, besides providing a firm foundation on which economic policy-making can be based, also provides a window through which the outside world can see the direction in which economic research in Pakistan is moving. The Institute also provides professional training in economic analysis and research methods. EXECUTIVE BOARD Ghulam Ishaq Khan, Chairman
E conomic and social outcomes in Pakistan over the last sixty years are a mixture of paradoxes. The economic growth rate has averaged 5 percent annually since 1947-a feat achieved by very few countries. Politically, however, the interplay of religious fundamentalism, sectarianism, ethnic cleavages and regional economic disparities has made the country volatile and unstable. Various East Asian countries that were behind Pakistan in the 1960s have surged far ahead in most economic and social indicators. Pakistan has thus been unable to realize its potential.
E conomic and social outcomes in Pakistan over the last sixty years are a mixture of paradoxes. The economic growth rate has averaged 5 percent annually since 1947-a feat achieved by very few countries. Politically, however, the interplay of religious fundamentalism, sectarianism, ethnic cleavages and regional economic disparities has made the country volatile and unstable. Various East Asian countries that were behind Pakistan in the 1960s have surged far ahead in most economic and social indicators. Pakistan has thus been unable to realize its potential.
Al-Tafseer, 2019
Economics is a fundamental part of every society, similarly, Islam is one of the dominant faith practiced all around the world and a complete code of life. It has given some specific guidelines regarding economics. The article discusses the core concepts of the economic system with reference to Islamic teachings. It covers concepts of Zakat, Riba and general guidelines about economic activity within a state, with reference to Pakistan. The paper has made the Quran and the state of Medina as the point of reference to understand the spirit of the economic system implemented in that milieu. And has tried to understand the contemporary basic economics affecting and influencing common life. Keywords: Zakat, Riba, Islamic Economic System, Usury.
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