Capitalism benefiting influential by exploiting poor: PBIF

ISLAMABAD: Pakistan Businessmen and Intellectuals Forum (PBIF) President and former provincial minister Mian Zahid Hussain on Monday said capitalism was so riddled with flaws that it could not survive for long without serious remodelling. This economic system benefits few influential countries on the cost of rest of the world and it is promoting a minor group on the cost of majority, he said. Mian Zahid Hussain said that capitalism had unleashed repeated crisis in many countries and widened the gulf between the rich and the poor which has resulted in several problems. He said that sustainable growth could only be achieved in the presence of an economic system that reduces rich-poor divide. Mian Zahid Hussain said that influential countries and powerful institutions like IMF, World Bank etc. should try to fix the flaws of capitalism otherwise it will continue to promote rich and add to the miseries of majority. Despite financial crisis and global slowdown, the number of billionaires and poor continue to rise which proves that this system thrives on exploitation, he said, adding that all the rich countries in the west have succeeded by plundering resources of poor nations. The business leader said that more people are now getting convinced that slogans like globalisation, free trade and free movement etc. were created to deprive poor countries of their remaining resources. Super powers should fix flaws of capitalism before more countries opt for protectionism, he said.