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In a frank discourse, the former Governor of State Bank of Pakistan and head of Institute of Business Administration, Dr Ishrat Husain, has sought to quantify the cost borne by country's economy due to recent judgements of superior courts. In a paper that he read at the International Judicial Conference in Islamabad on Saturday, Dr Husain cited four factors that have led to inflict a profound damage on the country's economic potential.

Economic development literature and empirical evidence over last five decades have clearly established the link between growth and poverty alleviation with good governance. Good governance has now been very much become synonymous with Rule of Law, Property rights and enforcement of Contracts, Accountability, and Transparency. It has also become evident that there are some key institutions which are critical for ensuring good governance. Judiciary and Quasi-Judicial institutions do form part of this core group of key institutions.
Enbridge Inc is on the brink of breaking through oil pipeline bottlenecks in the US Midwest that have dogged the company for nearly four years, potentially ending a need to ration space at the heart of its network. But here's the rub: Relieving congestion downstream is simply likely to expose choke points further upstream, traders say, as unexpected delays in securing a US permit to expand a major segment of its 5,363km (3,333 mile) Mainline system leaves Canada's heavy crude bottled up for months more.
The impact of Britain's most famous playwright, poet and actor upon the English language remains enduring, and as the country prepares to mark the 450th anniversary of Shakespeare's birth on April 23, interest in his life and work has never been higher. Stratford-upon-Avon, England (dpa) - "He was not of an age, but for all time," so said playwright Ben Jonson of his contemporary William Shakespeare - and four centuries later he appears to have been proved right.
There has been much talk of saving democracy that is prevalent in Pakistan. That is hardly the case for some democracies fall under their own weight. The prevalence of a system is hardly in question. The breast beating politicians have about as much courage as the smallest ruminant. It was Shastri who was asked by one of the journalist as to why India is not taken over by martial law? His response was that we politicians know how to take a bullet in the chest and then keep on coming back at any such agency. And Shastri was physically no giant. His wife would cook for him on an ordinary mud choolah even when he was PM of India. Have we in Pakistan learnt anything from the neighbors-Iran, India and recently Afghanistan?
Distributive justice: Distributive justice or economic justice is an important function of tax policy. Economic justice relates largely to distribution of tax burden and benefits of public expenditure. It is a component of the broader concept of social justice, which encompasses, besides distributive justice, such questions as treatment of women and children, and racial and religious tolerance in a society. Tax policy is a democratic method to influence the distribution of income and wealth on desired lines. The main ingredients of this policy can be (a) progressive direct taxation of income, wealth, and property transactions, (b) taxation of commodities (customs duty, excise levy, and sales tax) purchased largely by high-income groups, and (c) subsidies (negative taxation) on goods purchased by low-income groups. In Pakistan we are moving from progressive taxation to regressive taxation, on the dictates of foreign donors. It is a dangerous step that is bound to force us to civil strives, as our society is already divided on economic, geographical and religious divisions.
If General Motors Co creates a fund to compensate victims of its faulty ignition switches, an option that a top legal adviser suggested it is exploring, the company could give up strong defenses to a wave of lawsuits. But it could stand to gain even more. By setting up a fund, GM could avert years of civil litigation and limit its financial and reputational harm.


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