Inflation has always been a significant economic issue, impacting the common man through rising prices and reduced purchasing power. The classical economic theory attributes inflation to excessive money supply chasing fewer goods, resulting in deficits and imbalances that fuel inflationary pressures. While laissez-faire theorists advocate for minimal government intervention, historical events like the US Great Depression highlighted the need for state involvement to prevent economic downturns.
In imperfect markets prone to profiteering and cartelization, government oversight becomes necessary to protect consumers. Countries like India, Pakistan, Bangladesh, and Sri Lanka have enacted laws to control overpricing, hoarding, and profiteering, ensuring fair competition. In Pakistan, statutes like the Price Control and Protection of Profiteering and Hoarding Act and Essential Commodities Price and Availability Ordinance regulate market practices, safeguarding consumers from exploitation.
The institution of the Deputy Commissioner played a vital role in monitoring and regulating prices of essential goods, supported by district and sub-divisional committees. By ensuring regular price checks and imposing fines for non-compliance, the system deterred profiteering and upheld fair market practices. However, the progressive decline of the Deputy Commissioner’s role in the 2000s marked a significant loss in governance effectiveness, driven by short-sighted decisions favoring personal or political gains.
Effective governance relies on a merit-based, impartial bureaucracy, as exemplified by the civil service structures in countries like India. The steel frame of bureaucracy, when protected from political interference, can provide stability and progress in diverse societies. Attempts to dismantle bureaucratic structures in favor of alternative governance models, as seen in Pakistan under Gen (retd) Tanvir Naqvi, often overlook the critical role of established institutions in ensuring transparent and accountable governance.
The neglect of traditional governance structures, like the Deputy Commissioner’s office, can have far-reaching consequences, impacting economic stability and public welfare. By throwing out established institutions without adequate consideration of their functions and benefits, policymakers risk exacerbating existing challenges and undermining the principles of fair governance. Historical lessons emphasize the importance of maintaining effective bureaucratic systems to support inclusive and sustainable development.