The author develops a broad strategy for the development of the private sector on the basis of an analytical review of the broad range of constraints and opportunities confronting the private sector in Pakistan.
The analysis is set in the context of a profile of the private sector and a discussion of government policies during the 1990s that impacted its environment.
The book describes private sector activities to highlight the diverse nature and size of activities requiring a variety of different supporting policies.
To place economic performance in proper perspective, it describes the range of reforms undertaken by the government to support the private sector in the financial sector, fiscal area, export promotion, investment, privatization, and the foreign exchange regime.
The reform process carries costs in the short-term apart from those associated with poor sequencing or deficient design. The author also analyses the macroeconomic constraints and discusses the lack of consistency in sectoral policies, deficiencies in incentive policies, the continuing problems in agriculture and the remaining agenda in the financial sector.
This book is the first major attempt to analyze Pakistan’s experience in economic and social development from the historical perspective. The book looks at the longer term trends in Pakistan’s economy and examines their implications tot social and political changes.
The book focuses on the fundamental issues of Pakistan’s development experience and puts impressive growth record against the failures of economic policies to remove poverty, re-duce inequality, provide greater employment and effect institutional changes in its agrarian structure. The book clearly recognises the limitations on the possibilities of equitable development imposed not only by the inavailability of resources but also by the historical imperatives of underdevelopment. It nevertheless emphasises the considerable room for manoeuvre that exists for achieving growth without sacrificing the objectives of equity. The book concentrates on issues of economic policy which have so far received scant attention from the policy-makers and planners in Pakistan and points out why this lack of attention has largely negated the achievements in the field of economic growth.
The book is based on the author’s original research in many of these areas, supplemented by other empirical work available on the subject. The book, without claiming to be comprehensive. provides an overview of the developments Pakistani economy. Apart from analysing issues of macroeconomic and sectoral growth, the book provides original insights into the agrarian structure, regional growth and migration in the context of Pakistan’s economy.