Being the sole port and financial hub of Pakistan, karachi holds paramount importance in the realm of commerce and industry of the country. After the creation of Pakistan, Muslim business communities were attracted towards the city –first from India and later from all over Pakistan. The economic life of Karanchi has been dominated by entrepreneurs belonging to different business communities at different times. Besides economic factors, political policies of different governments, social environment, ethnicity, and inter-community and cross-community alliances have also played a significant role in determining the shifting fortunes of Karanchi’s entrepreneurs. This book provides an overview of Muslim commerce in pre-Partition India, highlights the take-off of the business houses in post-1947 period in Karanchi and traces the impact of major political events on trade and commerce of the city during the subsequent decades –Ayub Khan’s capitalist policies in the 1960s, break-up of the country in 1971, Bhutto’s nationalization in the 1970s, emergence of the MQM and the subsequent ethnic violence in the 1980s and the World Bank/IMF-led privatization policies in 1990s. The 1971 break-up and nationalization of private sector enterprises led to the decline of some of the established Gujarati business houses and the rise of the Punjabi medium-sized entrepreneurs. The MQM factor resulted in further ethnic polarization of Karachi’s business. The author examines the social factors that play a role in shaping the fortunes of big business houses-caste, ethnicity, family structure, religion, and, most importantly, the social alliances with the power nexus: bureaucracy, the Army and the politicians.
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