This refers to a Business Recorder op-ed "The failure of economic democracy" last Saturday. The writer, Dr Zafar Altaf, has argued, inter alia, "Economic democracy is dependent on the issues of debate and dialogue in real economic systems and to ensure that the institutions are independent and allow for equal access by and to all. Can this be the case? If you think so then go through the licenses that have been given to textile manufacturers.
Since the entrepreneurship has been based on cronyism there is no chance for the market players to be at par with those created by governments. Economic ideals cannot emerge in an unscathed manner in a society that is not based on market orientation. The recent financial market decline is due to the Chinese devaluing the Yuan." The writer provides deep insights into how we are still alien to economic democracy. He needs to admit that China, which has emerged as world's second largest economy in recent years, too, is alien to economic democracy.
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