Apropos an article 'Foreign direct investment: challenges and opportunities in the context of Pakistan' carried by Business Recorder recently, one needs to support writer's contention that human development has been profoundly constrained by either the resources or effective utilisation of the resources. With the passage of time and developments and discoveries have only proven that the world where we live and prosper has never been out of resources. Only we were unable to understand the resources and lacked the knowledge as to how to utilise them effectively and efficiently, 'But one tends to disagree with him in relation to his argument concentration instead of socialising them. Monopolies were created and then global blackmailing in the form of preferential trade rights came into practice.'
This appears to be rather oversimplification of the word 'monopoly'. According to Wikipedia, a monopoly is distinguished from 'monopsony'. Likewise, monopoly should be distinguished from a 'cartel' (a form of oligopoly) in which several providers act together to co-ordinate services, prices or sale of goods. Cartels have become more stronger over the past many years; even governments are finding it quite difficult to take cartels head on and bring market principles to the market. For example, the government of Azerbaijan is facing tremendous pressure from the gas cartel.