The article examines some of the underlying causes of the acute economic and political crisis that engulfed Pakistan in the late 2010s and early 2020s. Such features of Pakistani society as the dominance of large hereditary landowners and a narrow group of wealthy industrialists are noted, and the decisive role played by the military corporation in governing the state is emphasized. The consequence of conservative social policies and an ineffective leadership system was the country’s increased dependence on international financial institutions and external assistance, as well as the accelerated lag of Pakistan from its neighbors in South Asia in economic and social development in the 21st century. It is concluded that there are no easy ways out of the crisis and that there are threats to the entire region as it deepens.