The on-going financial crisis is the worst in the last 70 years. It is even worst than the 1930s great recession. An international conference to discuss factors and reasons, implications, and ways and measures to overcome global financial and economic crisis was held at the Uzbek capital of Tashkent on 22 May. Attended by over 150 public and private representatives from 60 countries and international organizations, all greatly lauded the policy and program of the Uzbek Government in economic sphere. Uzbek Government is following a prudent and far-sighted economic and financial policy under President Islam Karimov since the independence of the Republic in 1991. The nation is reaping the fruits of success of the policies at a time when the entire world has been engulfed in severe financial and economic turmoil. Prior to the independence, Uzbekistan used to import over 90 percent of its wheat. Today it is net exporter of wheat, cotton, gold, gas, and several of other metals. Global economic outlook is fast deteriorating since the crisis unearthed in July last in the United States. Growth rates of leading and emerging economies are showing dismal performance. World trade is going down by 10 percent this year. Koba Gvenetadze, Resident Representative of Azerbaijan, Middle East, and Central Asia Department of the IMF mission painted a gloomy world economic outlook for the on-going year. He said it is bad time for social cohesion particularly reducing poverty. While appreciating reforms in Uzbekistan, Juan Miranda, Director-General of the Asian Development Bank (ADB) said that 'Uzbekistan is a tested experiment'. Against this global dismal outlook, Uzbekistan's economic fundamentals are fast improving. The country has risen from dependency to sustainability and sovereignty. Modernization and industrialization reforms are under way. Economy got the capacity to absorb external shocks. Uzbek economy is not a bubble economy. It is growing at the fastest speed of over 8 percent. It is real economy based on rich natural and agricultural resources, policies and programs initiated by its leader President Karimov, who himself is an economist. President Karimov does not even intend to create an East Asian type of boom, which more or less works as a bubble and disappears at a time of crisis as happened in 1997 and 2008. He says has Uzbekistan remained largely unaffected by the global crisis. The fundamental reasons for this resilient policy are: social-oriented development policy, and incremental and step-by-step approach toward development path. This approach toward development checks the impact of so-called crude and crony capitalism, fuzzy privatization, misdoings, and wrongdoings. Although representatives from public and private sectors, and international organizations could not propose as to what measures Uzbekistan should take to further improve its economic fundamentals, President Karimov suggests the following measures to consolidate the economy. They include: attracting foreign investment, to initiate priority projects, to diversifying the export-base, to promote rural development, micro financing, to enhance transportation and energy projects, textile development, and to initiate other mega projects. Education and services areas are other sectors that should be further elevated, as opined by President Karimov in his book, besides enhancing industrial competitiveness, introducing new enterprises, stimulating local demand. Social-oriented development policy and program of Uzbekistan is based on the following five principles: 1. de-ideologicalization of the economy, State as the chief planner and reformer, rule of law, strong social policy, and gradual and evolutionary approach toward economic change. Following such a vision, Uzbekistan's development is phenomenal and dynamic. Within three years, its GDP has been doubled from US$ 14.3 billion in 2005 to US$28 billion in 2008. Uzbek trade policy is quite ideal. Country's exports are always higher than imports since 2003 and even 90 percent imports are inputs, while just 10 percent are direct consumer goods. President Karimov never takes education as burden, cost, or even expenditure of the State. He considers education as true investment in the economy and social up-lift. It is, therefore, interesting to note that over 62 percent of the national budget is reserved for the social sector. Many developing economies should also this lesson from Uzbekistan. For macro-economic stability, Uzbekistan keeps is loans dependency low. For instance, its present loans dependency is 14.8 percent of its Gross National Product (GDP), which used to be 25.8 percent to GDP in 2005. Uzbekistan avoids short-term loran from the international borrowers. The State takes measures to reduce tax burden. Tax burden, for instance, reduced almost twice in last three years. Inflation surrounds 7.9 percent at present which is far better situation than many industrialized and emerging economies. Industry and agricultural sectors are keep growing. Foreign Direct Investments increased to 3.1 times. Banking sector is quite reliable and banks non-performing loans are below 3 percent average. Uzbekistan has learnt lesson from fast and wrong-doing privatization of Russia after the demise of the Soviet Union. Therefore, Uzbekistan has adopted a cautious policy toward privatization in order to achieve better results instead of just fast attracting privatization proceeds. State believes in the retention of strategic enterprises such as energy, mines, and other natural resources. Global financial meltdown has lesser impacts on Uzbek economy with slight exports decline, investment downtrend, and revenue decrease. On the other, neo-economic liberalism, anti-regulationism, extreme capitalism, fuzzy privatization, crude de-nationalization, and greedy commercialism all have led the world toward financial meltdown. The post-war capitalism presents a much horrible picture than the worst colonial imperialism. Neo-economic liberalism of the past three decades has failed and collapsed. The gap between political sovereignty and neo-economic liberalism got widened. Several of governments lost political legitimacy to market forces. Commercialism gave death blow to social-democracy. An international financier, George Soros, rightly pin pointed that current financial crisis 'was generated by the system itself'. It is a systemic crisis. World institutions lend loans on the conditions of adopting such measures and so-called reforms. IMF is still dictating the decision-makers in Pakistan, say for instance, to go that way to pave the way for their lending, which seems not to be solution but an integral problem of the economic meltdown. The insistence on such forces and such solutions is nothing but orthodoxy. We have to come out of that and find a solution based on humanity instead of net profit and the path is social-oriented economic development and growth in the post-crisis era. The crisis has even realized the call to review and re-visit the recently emerged framework of the World Trade Organization (WTO) and other regulatory regimes of fiscal, monetary, and economic policies. The crisis is also the result of all such so-called regulatory frameworks and bodies. Instead of saving the 'dead capitalism', efforts should be made to come to a new system. Australian Prime Minister Kevin Rudd rightly remarked that 'social-democratic governments across the world must rise to the further challenge of developing a practical policy response to the crisis that rebuilds shattered economic growth, while also devising a new regulatory regime...'. It is time to rebuild the global financial and economic system and bury the thirty years old capitalist orthodoxy, Thatcherism, and Washington-led Consensus of the world economy. While laissez-faire economists have failed, President Karimov social-oriented development ideology has rather succeeded. More state intervention is needed. The dramatic and all-pervasive role of the transnationals should be curtailed. Today Uzbekistan under its President presents a model for development and progress at time when the entire world is in the severe grip of financial crunch, shock and economic melt down. The synthesis of President Karimov i.e., a balance between State supremacy and liberal market forces appears toward a great solution to find an end to global financial and economic crisis. In short, the Tashkent conference deposed full trust in Uzbek Government economic policy and finds it as a model for solutions. The writer is a Research Fellow (East Asia) at the Islamabad Policy Research Institute (IPRI)