{"id":1093,"date":"2020-12-28T02:20:06","date_gmt":"2020-12-27T21:20:06","guid":{"rendered":"https:\/\/pide.org.pk\/blog\/?p=1093"},"modified":"2020-12-28T02:20:09","modified_gmt":"2020-12-27T21:20:09","slug":"the-quaids-economic-model","status":"publish","type":"post","link":"https:\/\/pide.org.pk\/blog\/the-quaids-economic-model\/","title":{"rendered":"The Quaid&#8217;s Economic Model"},"content":{"rendered":"\n<p>By Nasir Iqbal<\/p>\n\n\n\n<p>Over the last seven decades, Pakistan has struggled to develop a comprehensive economic model to solve long term structural and economic issues. The successive governments create various vision documents, planning tools, and growth strategies to transforms the country into a developed nation. Recent documents include Vision 2030, Vision 2025, and Five Years Plan 2020-2025. The current government is working to develop a new growth strategy to solve economic and social issues. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Quaid&#8217;s Economic Model and Vision: Happy and Contented People<\/strong><\/h2>\n\n\n\n<p>Do we need a new vision document or growth strategy to resolve massive unemployment, structural poverty, and deteriorating economic growth? The answer is NO. Why? Because we already have the economic vision of our founding father to create a happy and contented people. The Quaid&#8217;s economic model and vision started with the goal of &#8220;<em>creating a happy and contented people<\/em>.&#8221; The Quaid emphasized that the economic transformation required &#8220;education planning, economic planning, and social planning.&#8221; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Blueprint for Economic Reconstruction <\/strong><\/h2>\n\n\n\n<p>The\nQuaid blueprint for economic reconstruction and transformation is based on five\npillars:<\/p>\n\n\n\n<ol><li>Human capital\ndevelopment: The Quaid emphasized developing human capital in diverse areas,\nincluding agriculture, commerce and trade, and particularly science and\ntechnology. The state should provide the best possible training for\ntechnicians, scientists, businessmen, doctors, and civil servants to develop\nhuman resources for accelerating economic growth.<\/li><li>Private sector-led labor-intensive\nindustrialization: The Quaid emphasized that all industrial enterprises\n(excluding defense and communication) should be open to private enterprise. The\nproposed industrial and commercial policy&#8217;s main points include i) To associate\nindividual initiative and private enterprise at every stage of\nindustrialization. ii) To build the banking and financial mechanism, the\nbankers should repair and restore this vital sector. The private enterprise was\nassured of every facility government can give for the development of industry\nin the country.<\/li><li>Role of the public\nsector as facilitator and enabler: The Quaid wanted the public sector to play a\nmore active role in providing a network of social and public utility services\nand relief and amenities. <\/li><li>Free trade and price\nstability: The monetary policy should encourage maximum production and a free trade\nflow. The state should stabilize prices at a level that would be fair to the\nproducer and the consumer.<\/li><li>Linking academia to industry:\nThe Quaid emphasized the Research Organization&#8217;s role to provide economic solutions\ncompatible with Islamic ideals of social and economic life. <\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Success of Economic Blueprint: East Asian Economies<\/strong><\/h2>\n\n\n\n<p>The success of the seventy-year-old economic model can be judged\nby looking at economic transfers in the East Asian countries (Asian Tigers).\nThe economic model adopted by Asian tigers is based on the principles proposed\nby Quaid. These countries invested in human capital and allowed the private\nsector to develop a technologically driven industrial base. These countries\nstreamline the role of government as a facilitator and enabler. Lastly, these\ncountries ensure well-established linkages between academia (think tanks) and\nindustry to innovate and enhance competitiveness.&nbsp; <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Takeaways<\/strong> of Quaid&#8217;s Economic Model<\/h2>\n\n\n\n<p>The Quaid&#8217;s economic model stood for structural change in the economy. A balanced and mixed economy with a pragmatic blend of the agricultural and industrial sectors, resulting in a more equitable distribution of wealth, is essential for sustainable development. The Quaid&#8217;s economic model is based on full employment opportunity for one and all,\u00a0 for contented labor, for a fair deal to the farmer, and human resource development at all levels.\u00a0<\/p>\n\n\n\n<p> In essence, the proposed economic model ensures economic equity and social justice to one and all. As a way forward, Pakistan needs an action-oriented growth strategy to transform these principles into actionable policy items. For implementation, we need to develop work ethics as done by other countries, including China and Asian Tigers. No need to invest time and energy to create a new vision for Pakistan. It&#8217;s time to implement the Quaid&#8217;s Economic Model and Vision. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nasir Iqbal points out that Pakistan has struggled to develop a comprehensive economic model to solve long term structural and economic issues. But do we need one, given that Quaid-i-Azam had an economic model?<\/p>\n","protected":false},"author":2,"featured_media":1096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,8,7],"tags":[13,345,347,346],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Quaid&#039;s Economic Model - PIDE Blog<\/title>\n<meta name=\"description\" content=\"Nasir Iqbal points out that Pakistan has struggled to develop a comprehensive economic model to solve long term structural and economic issues. 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