Publication Date

11-23-2010

Description

I wish to thank the Management Association of Pakistan for inviting me this afternoon to attend this ceremony. As I am privileged to address a highly distinguished audience I would like to share my thoughts on a subject about which there is very little open debate and discourse. The topic I have chosen this afternoon “Managing Government Business – Relations in Pakistan” is quite critical to all the stakeholders in the economy of Pakistan. In almost all nation-states of the world, private businesses have to co-exist with governments. The balance between the two in economic space varies a lot. On one extreme is a state where either direct ownership of most productive resources lies with the government and only small businesses operate in the private sector. At the other polar extreme is an economy driven by laissez faire with the government playing a minimal role while private businesses dominate the show. In real world, these two extremes do not exist any more. With the collapse of the Soviet model the all powerful role played by the state has disappeared into thin air. The U.S. – the citadel of private market economy – was hurt severely by the most recent financial crisis as the regulatory and oversight role played by the government was minimal. In between these two extremes there is a whole mix of models that range from the Nordic, European Social Market, Chinese State Capitalism, East Asian, Indian mixed economy to Chavez Socialism that divide the economic space in a wide variety of ways between the private sector and the government.

Notes

Chief Guest address at the Management Association of Pakistan Corporate Excellence Awards Presentation ceremony at Karachi on November 23, 2010

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