PAKISTAN’S cotton economy is once again facing a crisis that exposes the country’s flawed agricultural and industrial policies. The reported fall in cotton stocks to below 10,000 bales before the start of the new ginning season is unprecedented and alarming for an economy whose largest export industry depends heavily on the availability of cotton. With some textile mills already fearing production cuts in the coming weeks, the crisis could not have come at a more precarious time for a country struggling to protect its balance-of-payments position amid a global energy price spike. The immediate reasons behind the sharp........

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