CORPORATE WINDOW: The powers of the elite.

Amidst heated legal and political wranglings, Pakistan has been sinking deeper into economic quicksand every day. Backbreaking inflation and the fast-eroding currency value indicate the direction the country is headed.

Prime Minister Shahbaz's government seems lost, flip-flopping as if waiting for divine help without a structured viable plan. Suffering people watched on helplessly. However, the comportment of the business class, which enjoys more than its fair share in the nation's fortunes, is intriguing. Diverging in their view over the details, the class is unified in insulating themselves from the blame of making the crisis; instead, they project themselves as victims in double trouble.

'The diving economy has already mounted great stress on businesses. On top of this, the government and donors have been demanding a bigger chunk of our flesh. They abruptly withdrew concessions and hiked taxes. How is this fair? Such policies will hurt us but also uproot our workers and their dependents,' commented a Karachi tycoon.

Sharing views on what led to the current impasse, the majority of businessmen approached blamed one or the other set of politicians, depending on their political bend. Others spoke against the bureaucracy and the judiciary. Some thought the media was the real culprit as it amplified problems. There were a few who suggested a martial option to fix the economy as they believed only a strong absolutist leader can deliver in a country as troubled as ours.

For some educated new-generation corporate leaders, the current crisis was inevitable as the archaic economic framework has been obstructing the natural growth pace based on the country's endowments and potential.

The evidence of colluding with regressive elements and the emergence of business empires over the past 40 years hold testimony to the fact that business houses are amongst the major beneficiaries of the fractured system

'Besides other factors, the current chaos signalled that the old structures are falling apart, offering a rare opportunity to build a new balanced, meritorious, impersonal and more resilient modern foundation of economic development. The framework based on the culture of extraction and patronage that has held Pakistan's growth potential hostage for decades is eroding. The current transformation process is painful but necessary,' said a thinking head of the business community.

The trouble with this line of thinking was the presumption that the business...