A Perspective on Pakistan ’ S Economic History : Growth , Economic Structure and Governance (original) (raw)

Pakistan: Charting a New Course to Development1

2019

Over the last seven decades of Pakistan’s history, an economic structure has emerged that is characterised by three features. First, an inability to maintain high growth in national income per person over the long run. Second, endemic mass poverty accompanied by growing inequality between social groups and regions of the country. Third, persistent dependence on aid. These features manifest underdevelopment, which can be defined as a condition whereby the actualisation of the human potential of a society is systematically constrained. Pakistan’s underdevelopment is fundamentally rooted in a socio-economic environment that restricts access over high quality education, constrains competition and where hiring is often not based on merit. This precludes equality of opportunity for individuals to develop their capabilities. Consequently, the human potential of society remains untapped.

Historical Account of Nations’ Growth Performance: A Case of Pakistan

ERN: Economic Growth & Aggregate Productivity in Developing Economies (Topic), 2013

Developed countries pursue different policies for their growth trajectory. For some, there was no government intervention, and purely financed by private enterprise. For others it involve active government planning and investment. Developing countries had ‘advantage’ of backwardness. They were not involved in cumbersome process of inventions and rather borrow policies and technologies from developed world. Hence, they follow similar strategies as followed by developed world however it was revealed that there were no signs of convergence. Furthermore, the policies pursued for convergence actually result in divergence. As in case of Pakistan, policies from openness to strict government intervention was followed, but they all failed to put the economy on a sustainable growth path. Hence, the key to economic success lies in factors other than economic policies. It requires a deeper understanding of the inherent structure of the economy. Some of the factors highlighted include Institutio...

Pakistan's economic system: a stage of transition

1971

The purpose of this article is to examine the different possible paths the Pakistan People’s Party could take following its coming into power in December 1971. For this purpose the paper examines the economic and political forces that were operating in the country at that time, the main options open to it and the consequences and limitations of the path it eventually takes.

Historical Perspective of Poverty in Pakistan: Identifying Key Determinants / Strategies

PERENNIAL JOURNAL OF HISTORY

Poverty is the most important problem for every society and political leadership. The political leaders failed to seek solution to the poverty in society. Poverty also encompasses poor health and individual cannot cover basic needs such as food, housing, and clothes. The present study is focused on historical perspective of poverty in Pakistan. The reasons for rising poverty in Pakistan are discussed and important factors are enumerated that could dent poverty. On the basis of the systematic literature review of past studies, the key policy variables are highlighted to reduce poverty. The concept of poverty reduction is multi-dimensional phenomenon which requires macroeconomic management as well as poverty targeted programs. Among the macro-economic management, the sustainable inclusive growth with special focus in reducing income inequality is highly important for addressing poverty in Pakistan. The micro financing for small enterprises and skill enhancement of the marginalized peo...

Pakistan's search for a successful model of national political economy

The Round Table, 2021

This article examines Pakistan’s search for a model of political economy capable of meeting the national objectives of industriali- sation and accumulation of sufficient military power to deter India. It contends that the period of promise (1950s and 1960s) was made possible through heavy subsidies drawn from East Pakistan and the West. The resultant hubris blinded Pakistan’s rulers to growing discontent in the eastern wing of the country while encouraging them to take serious strategic risks against India. The unravelling of this strategy plunged Pakistan into a permanent crisis of its national political economy characterised by underdevelopment, internal and external fiscal imbalances, and a failure to mobilise national resources on a scale commensurate with its national goals. Experiments with socialism (1970s) and neo-classical economics- inspired structural adjustments (since the 1980s) have failed to deliver the desired outcomes and, in fact, entrenched Pakistan’s crisis of political economy.

Reconstructing the Performance of Pakistan’s Political Economy: Another Paradigm

THE LAHORE JOURNAL OF ECONOMICS, 2011

This paper looks at the major factors limiting economic growth in Pakistan. The paper then analyzes the structural problems faced by Pakistan today and goes on to discuss the challenges facing monetary policy makers in Pakistan as well as the problem of budget and trade deficits. The paper concludes with a discussion on the key institutional changes needed in Pakistan.