Historical record

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Mr. Shaukat Aziz (former Prime Minister) writes in his biographical book that Chou-en-Lai P.M. of China had advised Bhutto against nationalisation of all businesses but Bhutto did not listen to the advise tendered from Chinese own experience that he had to revert factories to original owners after finding it not possible to run these in public sector. This apparently resulted in downfall of Bhutto and PPP because of insistence on nationalisation of institutions enmasse. Even now PML- N gets more votes of business class as compared to PPP which has been almost wiped out from Punjab or greater part of Pakistan. This is fundamental truth that public sector is inefficient as compared with private sector on the whole. We learn this lesson again and again but no one learns from history and keeps on making the same mistakes again and again. Look what happened to Karachi Steel Mill which is now closed down in public sector due to financial loss due to inefficiency and corruption combined and no one is ready to take it even on free basis.

Dr. Muhammad Yaqoob Bhatti