The Renaissance in Europe brought significant changes in Europe which later affected most parts of the world. While the so called developed Europe was reforming its deteriorated condition, it also brought 'human-alienated' approach instead of 'human-centric' one. Materialism and growing mistrust are evident examples of those approaches.
The installation of industry as a result of "The Industrial Revolution" produced Industrialists who maintained their monoply over the resources. The industrialists needed three things to grow their industry: the raw material, labour and market. The raw material was got by inhuman ways, slaves from Africa and other states were brought to cater to the need of the labour and countries were colonised and made markets to sale their low quality products.
We furthur see that two great wars plagued a great many countries which were, in fact, a competition to hold world's resources. And the story doesn't end here, even today, artifical disastrous, biological warfares and many so-called 'developing plans' are given so as to weaken countries, and to plunder their resources.
As the time changed, they also changed their ways to maintain monoply. Tools of 'aid', 'loan' and 'assisstance' were often used to cripple the target country's economy. Pakistan's weaken state can also be understood in the same sense. The Washington Consensus is a key factor in Pakistan's worsened state. It used the aforementioned tools in bringing chaos in Pakistan.
The Washington Consensus is compromised of the US Department of Treasury, The World Bank and IMF. The US Department of Treasury obligated $67 billion to Pakistan between 1971 and 2011 in the form of Economic and military assistance and through USAID. World Bank lent $15 billion from 1970 to 2019 as IBRD loans and IDA credits. IMF extended loans in excess of $21 billion since 1965. Pakistan paid back $14 billion if the given loan. The Washington Consensus has so far lent Pakistan upwards of $100 billion.
Its so called 'developing plan' in the form of loans and assisstance brought catastrophe in Pakistan: political instability is rampant, debt is burdening the country as years progress, unemployment is disappointings the country's youth, high inflation (which is a part of terms of conditions) has destroyed the lives of massive population.
The Washington imperialism which has thus far plagued many parts of the globe is going downward now. Its counterpart China is emerging as a economic, technological and global leader. The torch bearer of Imperialism, America, is losing grounds. Its domestic chaos and external failed policies will soon end its own system.
-Muhammad Abrar
(Jan 10, 2021)
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