Funny how that works

IF you have ever had the pleasure to speak at length with members of Pakistan’s top elites, or one of those who volunteer to be mouthpieces for the interests of the elites, you will notice how they are always able to offer good reasons for why bad policies need to continue. There are good reasons for why exchange rate interventions need to take place to prevent a devaluation. There are also good reasons for why the state should use public resources to shower subsidies on the business interests of billionaires. There are good reasons for why import controls are a good idea. There are also good reasons for why the country’s central bank should print money to give to these businesses as subsidised credit, or to finance the fiscal dysfunctions of the state. Likewise, there are very good reasons for why every ruler who comes to power in Pakistan must go begging for handouts from rich countries around the world. You will hear very good reasons for why agricultural incomes cannot be taxed, or wealth or property for that matter.