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Pakistan Journal of Social Sciences
Year: 2003  |  Volume: 1  |  Issue: 1  |  Page No.: 23 - 49

Prosperity and Prospects of Borderless Economy for Pakistan

1Atif Ikram, 2Irfan Hayee and 3Khalid Mehmood    

Abstract: The traditional concept of economic sovereignty, which so very recently seemed to have achieved its ultimate triumph in Keynesian economics, is fast becoming a mockery (Druker, Peter F. 1980). So powerful have these currents become that they have carved out entirely new channels for themselves - channels that owe nothing to the lines of demarcation on traditional political maps. And in the new melting pot of today`s cross-border civilization, these flows will only gain in strength and depth (Ohmae, Kenichi, 1995). With a population of 144 million (MoPW, 2002), Pakistan is the seventh most populous country in the world. Moreover, the growing urban population, doubled from 1951, almost 34% (PCO, 1951 & 1998) of the total population has made it evermore-attractive consumer market in a globalised arena. International companies now realizing their survival in going for market creation rather than for market share (Ahrens, Thomas 1991). The movement towards globalisation has opened numerous new opportunities to companies, triggering a desperate race for the world by major global suppliers of everything from credit cards to telecommunications (Doz, Yves L. and Hamel, Gary, 1998). In Pakistan, the last decade has seen introduction of many international franchises especially in automobile, food, appliances, and telecommunication industries. Globalisation has, in fact, improved the quality of life among the ordinary people of Pakistan at large. Perhaps the most powerful force driving the globalisation revolution has been the need for companies to capture economies at greater than national scale (John A. Quelch and Christopher A. Bartlett, 1998). Which in return creates new employment opportunities in developing nations, such as Pakistan. Secondly, the overall product and service quality has increased because of the standards made by industry leaders. Strategy, therefore, has to accept a new fundamental. Any institution - and not just business - has to measure itself against the standards set by each industry`s leaders anyplace in the world (Druker, Peter F., 1999). Thirdly, it has made products not only accessible but also affordable. An arresting, if often overlooked, fact about today`s borderless economy is that people often have better access to low-cost, high-quality products when they are not produced ‘at home` (Ohmae, Kenichi, 1995). Lastly, as The Economist quoted, the distance has died (The Economist, 1995). Never there was such a rapid diffusion of innovation in a world virtually borderless. Our study will focus on these prospects by analysing recent trends in the consumer market, such as pricing trends, consumer tally, accessibility and demand analysis, affordability and new rivalry, and finally enhancement in the quality of life of ordinary people.

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