Free market economy increased number of billionaires in every country:Mian Zahid Hussain

Lahore: Globalisation has failed to achieve cited objectives with eradicating extreme poverty on the top of its agenda, rather it has only worsened the problem by throwing world into acute developmental crisis, a business leader said Monday.

Economic globalization could not increase integration and interdependence of national, regional and local economies across the world through cross-border movement of goods, services, technologies and capital which was meant to life billions out of poverty, minimise conflicts and ensure sustainable peace, said Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum (PBIF).

Improved quality of goods at reduced prices due to competition, bridging gas between rich and poor and saving people from colonisation, eradicating modern-day slavery by influential multinationals also remained attractive slogans, he added.

Mian Zahid Hussain said that free market economy has increased number of billionaires in almost all the countries while hurting poor, environment and natural resources, he said, adding that 20 percent rich now controls 86 percent of the world’s resources.

Trade barriers could not be lifted as 161 countries continue to impose value added tax on imports which is 21.6 in Europe while many manipulate their currency to get desired results.

The veteran business leader said that free market has triggered exploitation of labour, increased incidence of child labour, human trafficking, tax frauds, money laundering and social inequality.

Many countries damaged their economies due to trade agreements while world saw a number of global economic crises hurting every human on earth. These crisis compelled US, the torch bearer of capitalism to abandon its philosophy to initiate largest nationalisation move the globe has ever seen.

Hussain said that Pakistan needs not to be lured by catchy slogans to open its market to India which will damage agriculture, the backbone of our economy, shut down hundreds of industries and harm many critical sectors.