Article Type

Article

Description

In my book Pakistan: The Economy of an Elitist State, I presented the thesis that one per cent of Pakistan`s population the elitist class had contrived to rig the market and hijacked the state for their own benefit. This small minority was able to enjoy its unjust accumulation of wealth in the midst of widespread poverty. Little did I realise that this phenomenon would spread from Tunis to Sanaa and from Sydney to Seattle. The Arab Spring and Occupy Wall Street movement may have originated for ostensibly different reasons but their root cause is the same growing disenchantment of the majority of the population that is suffering from weak economic growth, high unemployment, tough austerity measures and anxiety about the future. Meanwhile, the number of billionaires is expanding at an unprecedented rate across the world.

Publication Source

Dawn

Publication Date

11-13-2011

Pages

1-3

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Economics Commons

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