A recent speech of PM Imran Khan at the World Government Summit highlights some important aspects of his thought process with regards to the economy. He is indeed correct in indicating that socialistic thought process of the 1970s was detrimental in wealth creation, and since then the mindset of the policy makers and bureaucrats is titled heavily towards anti-wealth creation. The policy of nationalization back then negatively impacted economic growth and the evolution of economic policy since then in terms of unnecessary procedures served as a major disincentive to business activity. Moreover, while the policy of nationalism has receded from policy framework over time in Pakistan, the procedures and bureaucratic attitude still need reform, which the government needs to take to purge the spirit of this thought process. But then why should they, when they are also highly influenced by this Neoliberal thought process, and may not be sharing the same thought process of social democratic welfare system that the PM and apparently the Finance Minister holds!

Source: Pakistan Today February 23, 2019 21:45 UTC