Basing the viability of agitation on the behaviour of the stock exchange may not be a great idea. According to Haider, the fact that the stock market did not react to instability caused due to the emergency shows that the streets were unable to build any pressure on the general. In fact, it was within a few days that the stocks started to pick up again. It is very interesting to see the stocks not really responding to the cycle of instability. There are a couple of explanations for this.
First, stocks can be kept stable due to covert injection and manipulation of resources. The stocks and the capital market, as is obvious from the American situation, can be manipulated artificially creating negative impact. The story of six to eight people controlling Pakistan’s stock market is known to most people. So, the stock exchange might not necessarily be the best indicator of the level of turmoil in the country.
Second, the stock market represents the interests of the people who do not necessarily benefit from rule of law. The bulk of Pakistani business, in any case, supports military authoritarian rule not just because it provides them greater stability, but also due to their ability to influence re-distribution of resources. The senior military commanders, who are made in charge of public sector organisations and resource distribution at the micro level, perform their task based not on any superior knowledge of how the pie is to be divided. For instance, the officers in charge of leasing out hoardings on Shahrah-e Faisal do not necessarily know the worth of each location and so can be easily manipulated by those around them. Obtaining these hoardings then depends on how well a certain businessman or group can influence the man responsible for making the decision.
The stock market, in any case, represents the interests of the oligarchs who are being challenged along with the general. The route of public protest might be long and winding but this is the only method to make the rulers realise the need for adhering to the rule of law. It is only when sufficient pressure is generated that the rulers will notice what will keep the people happy and the country stable.
The End
First, stocks can be kept stable due to covert injection and manipulation of resources. The stocks and the capital market, as is obvious from the American situation, can be manipulated artificially creating negative impact. The story of six to eight people controlling Pakistan’s stock market is known to most people. So, the stock exchange might not necessarily be the best indicator of the level of turmoil in the country.
Second, the stock market represents the interests of the people who do not necessarily benefit from rule of law. The bulk of Pakistani business, in any case, supports military authoritarian rule not just because it provides them greater stability, but also due to their ability to influence re-distribution of resources. The senior military commanders, who are made in charge of public sector organisations and resource distribution at the micro level, perform their task based not on any superior knowledge of how the pie is to be divided. For instance, the officers in charge of leasing out hoardings on Shahrah-e Faisal do not necessarily know the worth of each location and so can be easily manipulated by those around them. Obtaining these hoardings then depends on how well a certain businessman or group can influence the man responsible for making the decision.
The stock market, in any case, represents the interests of the oligarchs who are being challenged along with the general. The route of public protest might be long and winding but this is the only method to make the rulers realise the need for adhering to the rule of law. It is only when sufficient pressure is generated that the rulers will notice what will keep the people happy and the country stable.
The End
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