AJAR | Asian Journal of Academic Research (ISSN: 2790-9379)

Openness Mitigates Elite Capture and Improves Financial Development: An Analysis of Pakistan

Ahmad Jawad — 2024-06-01

This paper is an attempt to define elite capture and how elite capture is becoming a
hindrance in improving financial development and economic growth? Our main
argument is that financial development can be a moderator for economic growth given
the elite capture in developing countries like Pakistan. However, the elites do not like to
have financial development as it erodes their profits. Therefore, what measures can a
country take in this depressing environment to improve financial development which
can positively affect growth? We presented a political economy approach of analyzing
the state of Pakistan's financial market and proposed openness as a remedy. This
remedy not only like to decrease elite capture but also likely to improve financial
development. The important character of this remedy is that it will be less resisted by
the elites as they will benefit from it as well, so unlike other social and cultural changes
this change will met with least resistance. Our result indicates that individually, trade
and capital account are beneficial for improving the financial market development. In
other words, simultaneous opening of capital and trade account does seem to be a
necessary condition for improving financial sector development.

Air Marshal (Retd) Muhammad Asghar Khan’s Struggle Against Ayub Khan

Sanaullah — 2024-06-01

The purpose of the study is to define and analyse the Asghar Khan’s struggle against
Ayub Khan’s dictatorship in Pakistan’s historical context. The researcher conducted the
current study using the conventional approach to data analysis, as historical sources
hold greater importance than methods. The research process primarily involved data
collection, data analysis, composing the research with a descriptive and analytical
approach, and drawing conclusions and findings. During the decade-long rule of Ayub
Khan, Pakistan experienced significant political turmoil, particularly marked by the
emergence of Asghar Khan as a key political figure. Asghar Khan began his political
journey during this period, taking a strong stance against Ayub Khan's authoritarian
regime. He actively struggled for the restoration of democracy, becoming a prominent
voice of opposition. His dissent was most notably expressed through a press conference
where he renounced his awards as a form of protest against the undemocratic practices
of Ayub Khan's government. This act symbolized his commitment to democratic
principles and his resistance to the military dictatorship.

The Evolution of Political Institutions and Dynasties in the Arab Gulf States: Analyzing Patriarchy, Constitutional Frameworks, and Electoral Systems

Muhammad Azam — 2024-06-01

The objective of this study is to examine the political structures and processes in the
Gulf states. The potential stage of political growth in a given state or area can be better
assessed by having an understanding of political institutions, systems, and cultures.
The Middle East, which includes the Gulf nations of Saudi Arabia, Oman, the United
Arab Emirates, Kuwait, Qatar, and Bahrain, has had a gradual pace of political
development and a democratic process. It is a qualitative study and to evaluate the
similarities and differences between the Gulf states, a number of their characteristics
are compared. Saudi Arabia is the most conservative country in the Gulf, although
Kuwait tops the other five states overall in terms of parliamentary traditions. There are
various factors for this situation that are explored in order to shed light on the Gulf
region’s lack of democracy. This study discusses elections, councils, political norms,
ideals, and beliefs, as well as conditions of affairs that are patriarchal, constitutional,
legal, and judicial.

Special Economic Zones Under China-Pakistan Economic Corridor: Potentials and Challenges

Muhammad Riaz Shad — 2024-06-15

As part of its broader strategy for economic growth, poverty alleviation and reduction
in regional disparities, Pakistan has been promoting Special Economic Zones (SEZs) for
long. SEZs currently operating in Pakistan face challenges related to infrastructure,
investment and governance. The establishment of nine SEZs under China-Pakistan
Economic Zone (CPEC) is a promising step towards modern industrialization. However,
their development process remains lagging and falls short of expectations. SEZs under
CPEC hold great promise for Pakistan's economic growth as they offer opportunities for
modern industrial development, increased exports and employment. To this end,
addressing existing impediments by recourse to effective policies and strong
governance is vital. Drawn on Rostow’s model of economic development and using
qualitative research approach, the study follows a cross-sectional temporal dimension
as it focuses on SEZs from a contemporary perspective. This paper discerns several
potentials of SEZs for economic growth as well as the challenges that undermine the
promise of SEZs.

Education Sector Governance in Khyber Pakhtunkhwa during Pakistan Tehreek-E-Insaf Government

Noreen Parvez — 2024-06-15

Governance may be effective if the decision-making and implementation processes are participative, transparent, efficient, accountable, responsive, consensus-oriented, equitable, and observe the rule of law. However, in Pakistan governance has remained a critical issue, especially in the Khyber Pakhtunkhwa (KP) province, which suffered because of its governance structure, terrorism, and natural disasters. Governments come with the claim of good governance but cannot satisfy the masses fed up with the system. The Pakistan Tehreek-e-Insaf (PTI) party succeeded to form government in KP with the promise of “change” in the general elections of 2013 and introduced multiple reforms for good governance in the province. This study aims to investigate the level of governance in the education sector of KP during PTI government 2013-20. Therefore, data regarding education sector governance has been collected from journals, newspapers, government documents and reports and analyzed in light of principles of good governance. It is concluded that some of these features have been incorporated into the decision-making and implementation process but still there is need for structural as well as functional reforms.