Property is power

PAKISTAN’S economic situation is unquestionably dire. The yawning trade and current account deficits, galloping inflation and default prospects have generated significant comment. It is noteworthy, though, that the working masses, who bear the biggest brunt of the downward economic spiral, barely feature in most analyses. Most commentary has focused on the efficacy of short-term fixes like the ‘Dar peg’. But there have also been prominent contributors on these pages who have presented prescriptions to stabilise and restructure the economy in the medium to long-run. I disagree both with the foundational assumptions of most analytical treatises in vogue, as well as the long-term vision accompanying them. What follows is a reasoned attempt to engage with the dominant — what I’d characterise as liberal — notion of ‘econo­mic reform’, alongside a case for a class politics and redistributive policies which better represent the interests of Pakistan’s working class.