Media Type

Lecture

Publication Date

3-1-2011

Description

China, India and Brazil are three emerging countries in different parts of the globe with differences in culture, history and politics but have done extremely well in terms of economic development in the recent years. Pakistan on the other hand with similar culture, institutions and history as India but different political evolution has not done so well on a comparable basis. Pakistan and India have shared the same history, culture and politics for many centuries. Politicians in both these countries behave in not too different ways and are known for their penchant for self aggrandizement and their own interest maximization. The only notable difference is that since independence India has evolved into a stable democratic state with smooth transition of power through elections held at regular intervals while Pakistan has had a turbulent political history with the military in power for almost half of the time. Institutional framework for Governance inherited from a common British colonial legacy have not changed much in its structure in the two countries. Economic policies pursued by both the countries are also broadly comparable although there are several nuanced differences due to the path dependence built since independence. As a matter of fact Pakistan had followed relatively more market friendly and less of the statist economic policies compared to India. All comparative studies have shown that Pakistan's economic performance had been impressive until the late 1980s while India was stuck with the Hindu Rate of Growth. Both countries, for different reasons, embarked upon a broadly similar if not completely identical reform path in 1991.

Notes

Lecture delivered at the Applied Economics Research Centre (AERC), Karachi on March 1,2011

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