ABSTRACT
Uncertainty brings with it violent and volatile situations. The intensity of the uncertain conditions in Pakistan during the period 1968–72 could not have been perceived under any kind of probabalistic determinism. Some of the non economic factors creating uncertainty have been stated and conditions under which they might appear indicated. Any factor that creates instability or uncertainty causes considerable consternation. The mixed economy entrepreneur survives, probably better than any other. The uncertainty and fear permeated to all sectors of industrial activity. Entrepreneurs tended to look over their shoulders rather than put themselves to the inevitable grind that was a requirement, particularly in those turbulent times. For the political entrepreneur this uncertainty and risk could also be reduced simply by increasing the debt in the debt-equity ratio, and bringing in more institutional equity participation. This has been happening in Pakistan, so that the debt-equity mix within industries and between industries is very variable.
