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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. Muhammad Arshad Khan & Abdul Qayyum, 2007. "Trade Liberalisation, Financial Development and Economic Growth," Trade Working Papers 22204, East Asian Bureau of Economic Research.
    3. Akbar Zaidi, S., 2015. "Issues in Pakistan's Economy: A Political Economy Perspective," OUP Catalogue, Oxford University Press, edition 3, number 9780199401833.
    4. Rahman, Taimur, 2012. "The Class Structure of Pakistan," OUP Catalogue, Oxford University Press, number 9780199065073.
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