From Rags to Riches: Corporate Elite of Pakistan from 1947-1970

This paper focuses on the historical narrative of the establishment and development of corporate elite of Pakistan in almost twenty years which became a symbol of a success story to follow in those years. Literature cover this area under the concept of industrial development and resource allocation but less work is done on it with the Power Elite approach under political economy perspective. This paper argues that it is due to collusion and contestation of the existing elite of that time, that a new elite, Corporate, was established and then was nurtured by other elites to safe guard their own vested interest. The private investors who turn up to be big business groups within two decades used networking among themselves via family links and playing active role in politics. This act of developing corporate elites was aided by international affairs which in turn enhanced the economic and political influence of business groups.