By Sardar Khan Nazi

In the shadow of political drama, Pakistan’s economic debate often remains confined to GDP figures, budget deficits, or IMF negotiations. Yet, the more urgent question we should ask is, for whom is the economy really working? The answer remains the same decade after decade–not for the mainstream. Democratizing the economy is no longer a utopian ideal; it is necessary for sustainable, inclusive development in Pakistan. At its core, economic democracy means ensuring that all citizens–not just the privileged few–have access to the resources, opportunities, and platforms that allow them to thrive. Today, Pakistan’s economic architecture is deeply centralized and disproportionately benefits elites: industrial tycoons, real estate barons, cartelized sectors, and rent-seeking intermediaries. Meanwhile, the average Pakistani grapples with stagnating wages, food insecurity, unaffordable housing, and deteriorating public services. Land, capital, and decision-making power are all tightly held. Whether it is the state’s control over vast tracts of land or the lack of credit access for small entrepreneurs, the economy’s gatekeepers have built in barriers to upward mobility. In such a structure, even the most talented or hardworking individuals can remain trapped in generational poverty. Take the example of agriculture. Despite being a major employer, the sector remains under-mechanized, poorly financed, and environmentally unsustainable. The small farmer has no say in price-setting, access to markets, or subsidies–all of which are monopolized by large landowners and corporate actors. If land reforms were sincerely revisited and agricultural cooperatives strengthened, this sector could become a vehicle of both food security and economic justice. Urban labor markets tell a similar story. Informality is the rule, not the exception. The gig economy, while lauded as flexible, often leaves workers without contracts, safety nets, or fair wages. Meanwhile, Pakistan’s minimum wage–where enforced–barely keeps pace with inflation. What does free market mean when the majority do not have the freedom to bargain, organize, or exit exploitative conditions? Democratizing the economy requires structural reforms and political will. Here are a few foundational steps: First, devolve fiscal and administrative powers to local governments. Real economic empowerment begins at the grassroots, not through top-down development projects. Second, redesign tax policy to focus on wealth redistribution. A country where salaried individuals are taxed more aggressively than untaxed real estate portfolios cannot claim economic fairness. Third, expand access to public credit and financial services, especially for women, small businesses, and the rural poor. Education, too, is part of this conversation. A democratic economy cannot be built on a deeply unequal education system. Investing in quality public schooling, vocational training, and digital literacy would help level the playing field. So would encouraging cooperatives, social enterprises, and worker-owned businesses–models that center people over profits. Of course, there will be resistance. Those who benefit from the current arrangement will defend the status quo with arguments about market efficiency, investor confidence, or security concerns. However, a system that leaves tens of millions behind is neither efficient nor secure. True stability comes from shared prosperity. Pakistan has the talent, the resources, and the energy to build an economy that works for all. Uraan Pakistan’s progress is encouraging, but benefits must flow beyond elites. Tariff relief, energy subsidies, digital innovation, and financial tools like the CBDC should widen–not deepen–inequality gaps. In the fraught midst of budget deficits and political churn, Pakistan’s economic discourse often forgets a fundamental question: for whom is the economy working? The verdict remains stark–the majority remain underserved. Yet recent developments offer a sliver of hope that systemic inclusion is not only possible, but also urgent. Only when the economy serves the many, not the few, can we claim to be a truly inclusive nation.