ELITE-BASHING is Pakistan’s newest sport. As the country stares into the default abyss, the ubiquitous phrase — ‘elite state capture’ — putati­vely explains all that has gone awry. Fat-cats are blamed for stealing public resources, conspicuous consumption, and dollar flight. But this super-sim­p­lified, sophomoric reasoning misses the real point. Doesn’t every country have its ultra-rich? […] Read more