Great reset doctrine from international perspective
A look at Great Reset Doctrine from international perspective will help Pakistan to deal with its political, judicial and economic challenges amicably in 21st century instead of going back to 2011 to address the fundamental question of how long will history continue to repeat itself? A conference on 1 June in Edinburgh and America’s debt offer parliamentary and presidential democracies as two approaches to negotiate globalization and country first with balanced ties with both US and China. It can help our politicians, judiciary and military to overcome the challenges as a team with the guidance of Quaid-i-Azam who said that we are going through fire. The sunshine has yet to come. But I have no doubt that with unity, faith and discipline we will compare with any nation of the world (28 Dec 1947).
The first Minister of the Wales, Drakeford in an interview with the Guardian on 29 May 2023, said that the UK could break apart unless it is rebuilt as a “solidarity union” where every citizen’s right to public services and financial security are protected by a union. The social and political bonds that tie the different parts of the UK together have come under “sustained assault” for 40 years of neo-liberalism after 1979 economic reforms of Thatcher and Brexit. He said restoration of unions will end the appalling public services crisis in England. Thatcher’s privatization must be reversed which has resulted in siphoning off profits while providing appalling services. We need a 21st century solution and it does not mean returning to 1945 era of nationalized public services, but public should have stake in them because it invests huge amount of money in them.
In more than 12 years of Tory Government, currency devalued by 50 per cent against US dollar from £1.6 to £0.81 (29 May 2023). Every fifth child is living below poverty line with 20% food inflation and 350% increase in energy prices. The £11.7 hourly in wage in 2023 has fallen in real terms from £3.9/hour in 1999 (gold prices). National debt increased from £250bn in 1979 to £2.4T in 2022. Social mobility barely exists (zero in last 300 years, 4 Feb 2015, the Guardian). Unable to afford independent accommodation, the 40% of grown-up children live with parents. Women, single mothers and those who are working two or more jobs are left out of pension system. Women work without salary for two months (85p women/£1men). Due to high cost of childcare, because women opt not to have children (The great British baby draught 18 May 2023, the Guardian). Student debt, high tuition fees, low salaries, for profit education, healthcare, unreliable transport services, high rents, wrong education policies (closing of technical and vocational institutions) and broken NHS system have backfired. Fearing heavy elections losses, 10% of Tory MPs have announced plans to retire at next UK election after 12 years under their party government (24 May 2023, the Guardian).
America is facing debt challenge. There was 90% income tax during Eisenhower’s time which made America dream successful. Under Regan’s 1980s economic reforms, income tax was brought under 25% increasing national debt from $850bn in 1979 to $31.5T in 2022. By 2032, US will pay $1T in debt servicing. Wages kept stagnant in last five decades with spiraling crises of drugs, homelessness and gun violence. Student debt is $1.63T and 70% youth between age of 25 and 40 is unable to buy a house which they want. Life expectancy has fallen. In Financial year 2022, social security was at the top of federal spending list with $1.22T followed by healthcare ($914) and income security ($865) with defence ($767) on 4th number (What is debt ceiling and what would happen if it is not raised 27 May 2023, the Guardian).
It is clear from the UK and America that Pakistan is facing challenge of Western economic system which is not making of any one party. As per Maastricht Threshold (ideal below 60), our economy (79) is still resilient in 2022 as compared to US (124), UK (85)and India (83) ((Investopedia Maastricht treaty).The unfolding American debt ceiling standoff and France’s pension reforms show failings of presidential system to serve the public. That is one reason why Britain has avoided 6 Jan despite having three PMs since 2019. Latest developments in the UK show strength of parliament which can bring desired results to lead the country into 21st Century with public as the rightful stakeholder in its democracy.
Pakistanis therefore at a historic juncture for a great reset because it is clear from the West that it is facing a global challenge which is not making of any one party in the country. Pakistan can realize vision of Quaid-i-Azam by defeating corruption to stand on its own successfully with the help of justice, rule of law and the Constitution. Media needs to play its role also to educate the public about international developments for the needful.
—The writer is senior political analyst based in Islamabad.
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