Behind the economic crisis of the Muslim world
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Date
2012
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University of Management and Technology
Abstract
The research undertaken was to study the different factors responsible for the economic crisis in Pakistan. All the Muslim countries are blessed with a lot of natural resources which are the backbone of their economy. The Gulf countries possess oil and gas resources which have made their economy very strong. The misery is that these natural resources are captured by the British and America which do not allow them to benefit much from the resources.
As far as Pakistan’s economy is concerned, the most important factor of its crisis is dishonest leadership and lack of patriotism. Another internal factor that does not allow the economy to grow is illiteracy as the only and the easiest way to development is education. Beside this, there are some external factors which have crushed the economy of Pakistan. Among them, the most dangerous are India and America. America has pushed Pakistan into war on terror causing irreparable loss of life and property. Its aid is neither delivered nor utilized properly. America is also strengthening India in the Asian region supporting it with the supply of weapons, dollars and technology. Both have also joined hands to capture the natural resources in the Baluchistan province. India in itself has been hostile to Pakistan since its beginning. The hatred kept on growing as India always created problems for Pakistan. The most dangerous act of India is its blocking the rivers flowing to Pakistan. It has built many dams and hydropower projects on these rivers in the occupied Kashmir. This has disturbed the whole canal system of Pakistan giving a severe blow to the agrarian economy. The international powers favor India which has made the situation worse for Pakistan.
In such an alarming situation, the economic crisis has gone worst because of bad governance and mismanagement within the state. Corruption has got deep roots and there is no check on it. Lawlessness and unemployment have given rise to crimes. All the politicians and the high officials are found indulged in economic crimes. The national wealth is looted and transferred to their foreign accounts. Unless these faults are overcome, there is no way to progress. If the state plays its role well and checks or minimizes at least the internal factors of economic crisis, Pakistan’s economy can become strong within very short time.
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Keywords
M.Phil Thesis, Islamic Thought, Economics Crisis