Preview

Nationalization

Powerful Essays
Open Document
Open Document
3668 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Nationalization
http://www.bhutto.org/reforms.php

The Nationalization process in Pakistan[1] (or historically simply regarded as the "Nationalization in Pakistan), was a policy measure programme in the economic history of Pakistan, first introduced, promulgated and implemented by people-elected Prime Minister Zulfikar Ali Bhutto and the Pakistan Peoples Party in order to lay foundation of socialist economics reforms to improve the growth of national economy of Pakistan.[2] Since 1950s, the country had a speedy industrialization and became an industrial paradise in Asia.[3] But, as time progresses, the labour trade unions and labor-working class had strained relations with the industrial business oligarch classes, completely neglected the work conditions and failed to provide healthy environment to the workers class in the industries.[4]
The nationalization programme began on January 2, 1972 in a vision to promote economic democracy, liberalization, and a mainstream initial goal to put Pakistan in the line of state of progressivism.[3] Ended effectively in 1977, the nationalization programme was again put forward by Prime minister Benazir Bhutto in 1996,[5] and as of current Prime minister Yousaf Raza Gillani in 2012 who activated the programme in order to bring three major megacorporations (Steel Mills, Railways and International Airlines) under the government ownership to in an attempt to improve its structure and to alleviate its profitable process.[6]
Despite its success in formative years, such policy measure programmes met with extreme level of spontaneous demonstration, international and national opposition that left the disastrous effects on Pakistan's national economy[7] until it was replaced with the privatization programme set forward by Prime minsiters Nawaz Sharif in 1990 until privatization programme's final execution in 2008 by Shaukat Aziz.[8]
Nationalization phase (1971-1977)

Zulfikar Ali Bhutto (1928–1979) became President of Pakistan (1971–74) on

You May Also Find These Documents Helpful

  • Good Essays

    SA IBL TB8e Ch18

    • 3705 Words
    • 22 Pages

    The term nationalization usually applies to the expropriation of an entire industry or natural resource of a nation.…

    • 3705 Words
    • 22 Pages
    Good Essays
  • Satisfactory Essays

    Globalisation

    • 321 Words
    • 2 Pages

    Economic troubles in Brazil caused Rip Curl to purchase half the capital of Brazilian licensee.…

    • 321 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    The story of NBP is part of our struggle for economic independence. When we won political independence, our economy was controlled by Non-Pakistanis, mostly Hindus. East Pakistan was spared from massive migration but its economy was also, being dependent on Calcutta, badly hurt. Most bankers and business experts left Pakistan and the economic life was brought to a standstill, these mostly branches of Imperial Bank of India were only in partial operation with skeleton staff.…

    • 7746 Words
    • 31 Pages
    Good Essays
  • Good Essays

    GDP growth in this decade jumped to an average annual rate of 6 percent from 3 percent in the 1950s. The manufacturing sector expanded by 9 percent annually and various new industries were set up. Agriculture grew at a respectable rate of 4 percent with the introduction of Green Revolution technology. Governance improved with a major expansion in the government’s capacity for policy analysis, design and implementation, as well as the far-reaching process of institution building.7 The Pakistani polity evolved from what political scientists called a “soft state” to a “developmental” one that had acquired the semblance of political legitimacy…

    • 1751 Words
    • 8 Pages
    Good Essays
  • Powerful Essays

    In July 2006, the process of privatization took place in Pakistan’s largest telecommunication company PTCL. The company still is the largest but the growth that this company has shown is by far larger then in some years before. PTCL has partially been privatized, 26% of PTCL shares are now with a Dubai based company Etisalat. Etisalat though not has a significant shares yet it is controlling the management of PTCL. Under its management the PTCL is going efficient and well enough to remain at top. PTCL has been on the verge of privatization since 1991 and there has been many efforts undertaken for its privatization, but it was made official in July 2006. There is still the government as the major shareholder but the management vests with Etisalat. The privatization has been beneficial to the company as the whole, but the individuals involved are still shaky about their jobs. The company some period before and after the privatization has been the aim of constant resistance. From the employees to the people indirectly associated with the company; all were some what against it being privatized. The government was strongly criticized for it. The protests were at all time high when the proposed time of privatization was near; although it was delayed due to the protest but never laid down.…

    • 2082 Words
    • 9 Pages
    Powerful Essays
  • Better Essays

    There is a dire need to augment modernization in Pakistan for its promotion will certainly even out extremism as well as an increasing radicalization in the country. Those in favour of modernization argue that it boosts the economy as well as the social standing of the society. Improved infrastructure, excelling education and a sense of achievement, universalism and individualism can be directly attributed to the theory which is certainly required in Pakistan. However, modernization is wiping out traditional values and is targeting the upper strata of this country. This fear can be negated as several theorists believe that the cultures of developing countries e.g. the importance of family, may be a response…

    • 1122 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    * Pakistan was a federal state. Each province had its own Assembly, elected by universal adult suffrage, with majority party forming the provincial government. The national assembly could only change the political leadership in the provinces by amending the constitution, which required a 75% majority…

    • 3466 Words
    • 14 Pages
    Powerful Essays
  • Good Essays

    Life of Ayub Khan

    • 1275 Words
    • 6 Pages

    Ayub Khan's era is known for the industrialization in the country. He created an environment where the private sector was encouraged to establish medium and small-scale industries in Pakistan. This opened up avenues for new job opportunities and thus the economic graph of the country started rising. He also tried to raise the education standards of the country by introducing educational reforms. He was the first Pakistani ruler who attempted to bring in land reforms but the idea was not implemented properly. Labor, law and administrative reforms were also introduced during his regime. Ayub Khan also initiated Family Laws in the country. He planned a new city and moved the capital from Karachi to Islamabad in 1962.…

    • 1275 Words
    • 6 Pages
    Good Essays
  • Better Essays

    Pakistan Factory Act

    • 17924 Words
    • 72 Pages

    |[pic] | PAKISTAN THE FACTORIES ACT, 1934 as amended to 1997 [pic] CHAPTER I - Preliminary • 1. Short title, extent and commencement. • 2. Definitions.…

    • 17924 Words
    • 72 Pages
    Better Essays
  • Powerful Essays

    Devolution of Power

    • 1986 Words
    • 8 Pages

    Dancing around the fire is not the solution to any problem. One should try to see beneath the surface in order to grasp an idea about the basic issue. Deposit a stream of strong words and announcements made by the past rulers of Pakistan, nothing concrete has been done to introduce a proper economy revival plan. Rather the situation has taken a quantum leap for the worse. The problem of centralization of power has been the most crucial issue in Pakistan. The idea of the decentralization that is transfer of power to the provinces and form there to the Districts, Tehsil Councils and Union councils is a welcome step.…

    • 1986 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Jehan Zeb Khan Abdul Rashid Khan Abstract Today when Pakistan is in the grip of ethnicity, regionalism, theocratic forces, fundamentalism and corruption, etc., it is more important to recall the vision of the founder of the nation. Did he dream of a progressive and modern Pakistan, or he desired a regressive and theocratic and fundamental state? We think that Quaid dreamed of a Progressive Islamic Welfare State. In this article we will try to have a proper explanation to these questions and find out right answer. For this historical research methodology is used and data is collected mainly through primary sources and also some from secondary sources. Mostly, the data is collected through National Archives, Islamabad, National Documentation Centre, Islamabad, Quaid-i-Azam Academy, Karachi and though different libraries. After collection of data, content analysis was made and then we arrived at the conclusion. Introduction Quaid-i-Azam dreamed of a modern/progressive welfare State but we see that Pakistan remained under the grip of few feudal elites since its birth. Nevertheless, Pakistan made progress but the fruit of progress was enjoyed by few men of…

    • 6566 Words
    • 27 Pages
    Good Essays
  • Satisfactory Essays

    natilasim

    • 372 Words
    • 2 Pages

    Zulfikar Ali Bhutto was a Pakistan politican and statesman who served as the 9th prime minister of Pakistan from 1973 to 1977.He was a chief martial law administrator. Pakistan recovered under his christamatic leadership. He lifted martial law within several months, and a new constitution took effect in 1973. He won majority of votes in west Pakistan in 1970 on the radical election pledge of roti,kapra, aur makan. The PPP rigging parliamentary elections was arouse nine opposition parties against Bhutto. Despite of having aristocratic feudal background Bhutto had campaigned in 1970 on the simple promise of “food,clothing and shelter”. Punjab and Sindh, the province of Pakistan, had led to a landslide victory for the PPP. Bhutto slogan was “Islam our Faith,Democracy our Polity, Socialism our Economy”.…

    • 372 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Privatization, also spelled privatisation, may have several meanings. Primarily, it is the process of transferring ownership of a business, enterprise, agency, public service or public property from the public sector (a government) to the private sector, either to a business that operate for a profit or to a non-profit organization. It may also mean government outsourcing of services or functions to private firms, e.g. revenue collection, law enforcement, and prison management.[1]…

    • 2460 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    After independence the newly emerged Indian State was characterized by the dominant role in all the spheres of society. It was a welfare state whose objective was to secure political, social and economic justice to all the sections of Indian population. The Westminister model of parliamentary democracy with universal adult franchise was adopted. In social field, various evils in the society were sought to be eradicated by the State. Untouchability was abolished and social reforms were undertaken. In the economic sphere, the state not only regulated the market, it also emerged as the major employer providing employment opportunities to the people. India adopted the policy of mixed economy/a powerful public sector was created. For Nehru, the public sector undertakings were the temples of modern India. Their objective was to assist in the rapid economic growth and industrialisation of the country. Over the years their number and investments have grown in size and quantity. While in 1951, there were five central public sector undertakings (PSUs) with an investment of Rs 29 crores, now there are as many as 243 enterprises with a total investment of Rs 1,78,628 crores. The private sector was also to play an important role in the mixed economy. However it was highly regulated and controlled economy as far as the private sector was concerned. Rightly it was called the licence-quota permit Raj. However the collapse of socialist political and economic system in earstwhile Soviet Union and other socialist states led to the emergence of a global economy which meant introducing competitive markets, liberalising foreign trade and opening up the economy for foreign investment. According to Marina Pinto "Liberalisation is the policy of removal of restrictions, trade barriers and protectionist measures to enable the free flow of capital, technology and services. It is generally seen in the context of globalization and privatization." In eighties…

    • 770 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Technocrates

    • 2791 Words
    • 10 Pages

    Technocratic Regime started in Pakistan from the year 2002 after the General Elections held under the governance of President Parvaiz Musharraf.…

    • 2791 Words
    • 10 Pages
    Powerful Essays