The first period of stagflation began in the 1970s after the disastrous succession of East-Pakistan, followed by the conceding the defeat at the hands of arch-rival, India in December 1971. Although, the government of Zulfikar Ali Bhutto made attempt to end this period, it was subsequently ended by the military government of Zia-ul-Haq in the 1980s. The ending of Soviet engagement in Afghanistan and the offing U.S. aid renewed the second period of stagflation in the 1990s. During this time, both Benazir Bhutto and Nawaz Sharif attempted to tackle the stagflation, with Nawaz Sharif first implementing economic liberalization and privatization at once, in the 1990s. The second period was subsequently ended by Shaukat Aziz who implemented much tougher taxation, monetary and financial development policies in the 2000s. Widely appreciating Aziz's reforms, the third period again return after the 2008 elections and the widespread of militancy in the Western Pakistan, which would later follow the global finance crises. Pakistan's leading economists, specialists, technicians, and financial scholars are uncertain what causes the stagflation in the country in the first place, and many attribute this period to several factors that may have cause the stagflation including the state's role in war on terror, corruption, tough monetary policies and several other factors.