The paper examines the impact of Islamic socialism as an ideology and as a policy of Pakistan. it discusses the concept, context and content of the ideology and looks at the nature of implementation in the country. The paper analyses how the `left' managed macro-economic affairs and focuses on themes like: rupee devaluation, inflationary trends, export policies and budget deficit. The paper also examines the implementation of Islamic socialism in various sectors namely: agriculture, bureaucracy, education, health and industry. It is essentially an attempt to provide some insights into the revolution attributed to Islamic socialism between 1972-74 and how it shaped the political economy of Pakistan. - Reproduced.