October 24, 2016
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Monday said Capitalism is so riddled with flaws that it cannot survive for long without serious remodelling.
This economic system benefit few influential countries on the cost of rest of the world and it is promoting a minor group on the cost of majority, he said.
Mian Zahid Hussain said that Capitalism has unleashed repeated crisis in many countries and widened gulf between rich and poor which has resulted in many serious problems.
He said that sustainable growth can only be achieved in presence of an economic system that reduce rich-poor divide.
Mian Zahid Hussain said that influential countries and powerful institutions like IMF, World Bank etc. should try to fix the flaws of Capitalism otherwise it will continue to promote rich and add to the miseries of majority.
Despite financial crisis and global slowdown, the number of billionaires and poor continue to rise which proves that this system thrive on exploitation, he said, adding that all the rich countries in the west have succeeded by plundering resources of poor nations.
The business leader said that more and more people are getting convinced that slogans like globalisation, free trade and free movement etc. were created to deprive poor countries of their remaining resources which is evident from the Brexit.
Super powers should fix flaws of Capitalism before more countries opt for protectionism, he said.