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Pro-business and pro-market reforms in Pakistan: economic growth and stagnation 1950–51 to 2011–12

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  • Grace Kite
  • Matthew McCartney

Abstract

This paper uses a new method to analyse the causes of growth and stagnation in Pakistan between 1950–51 and 2011–12. It provides support for the argument that pro-business reforms have been an important driver of Pakistan's economic growth. This result holds across two episodes of growth and one episode of stagnation. These findings lead to a clear policy implication: if Pakistan is to return to fast growth, policy needs to move away from pro-market reforms, learn these lessons of history, and promote the profitability of business to incentivise private investment and so boost economic growth.

Suggested Citation

  • Grace Kite & Matthew McCartney, 2017. "Pro-business and pro-market reforms in Pakistan: economic growth and stagnation 1950–51 to 2011–12," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 22(3), pages 454-476, July.
    • Handle: RePEc:taf:rjapxx:v:22:y:2017:i:3:p:454-476
    DOI: 10.1080/13547860.2017.1287827
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    References listed on IDEAS

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    1. International Monetary Fund, 2005. "Pakistan's Macroeconomic Adjustment and Resumption of Growth, 1999-2004," IMF Working Papers 2005/139, International Monetary Fund.
    2. Akbar Zaidi, S., 2015. "Issues in Pakistan's Economy: A Political Economy Perspective," OUP Catalogue, Oxford University Press, edition 3, number 9780199401833.
    3. Rahman, Taimur, 2012. "The Class Structure of Pakistan," OUP Catalogue, Oxford University Press, number 9780199065073.
    4. Muhammad Arshad Khan & Abdul Qayyum, 2007. "Trade Liberalisation, Financial Development and Economic Growth," Trade Working Papers 22204, East Asian Bureau of Economic Research.
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