Nationalization

The Second Phase (1971-77), the Bhutto era, saw tumultuous economic changes in the name of social justice. Their repercussions continue to haunt the country even today. Nationalization of 31 key industrial units, 13 banks, over a dozen insurance, ten shipping and two petroleum companies was carried out, many of these belonging to the 22 families. The industrialists and entrepreneurs found the fruits of their labor snatched from them over-night. But, the shattering of their spirit was much more harmful to the nation. Not a single industrial project has been set up by any of these families over the past 28 years. From producers they have turned into distributors, spinners of yarn and processors of sugarcane, at best.

A minor business community, the Chiniotis, filled up the vacuum and shifted industrial activity to Punjab. Karachi kept growing physically, while employment opportunities kept shrinking with the shift of industries to the north. This spawned frustration and violence that, in its turn, has pressured further the Chiniotis of Punjab to