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The Captivating Vision of the “New Growth Strategy”: The Missing Political Economy Perspective

Author

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  • S. Akbar Zaidi

    () (Visiting Professor, School of International Public Affairs, Columbia University.)

Abstract

One hears little about the Planning Commission’s Framework for Economic Growth launched a year ago. This is indicative of its inappropriateness and lack of consideration of Pakistan’s economy or its structures and political economy. The Framework avoids tackling the core issues of taxation, distribution, and equity. It privileges the market and free enterprise over the role of the state, and undermines and dismisses the significant role and contribution of the government and state in promoting growth, particularly at a time when market failure has made economists rethink the role of markets after 2008. By ignoring central issues related to politics and the articulation of power, and of issues that fall in the realm of political economy, the Planning Commission constructs a technicist script that has little value to the messy world of realpolitics.

Suggested Citation

  • S. Akbar Zaidi, 2012. "The Captivating Vision of the “New Growth Strategy”: The Missing Political Economy Perspective," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 17(Special E), pages 33-49, September.
  • Handle: RePEc:lje:journl:v:17:y:2012:i:sp:p:33-49
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    References listed on IDEAS

    as
    1. Rashid, Abdul & Razzaq, Tayyaba, 2010. "Estimating Import-Demand Function in ARDL Framework: The Case of Pakistan," MPRA Paper 23702, University Library of Munich, Germany.
    2. Rashid, Abdul & Razzaq, Tayyaba, 2010. "Estimating Import-Demand Function in ARDL Framework: The Case of Pakistan," MPRA Paper 26079, University Library of Munich, Germany.
    3. Augustine Arize & John Malindretos & Elias Grivoyannis, 2004. "Foreign exchange reserves and import demand in a developing economy: the case of Pakistan," International Economic Journal, Taylor & Francis Journals, pages 259-274.
    4. Khwaja Sarmad & Riaz Mahmood, 1985. "Price and Income Elasticities of Consumer Goods Imports of Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 24(3-4), pages 453-462.
    5. Abdul Rashid & Tayyaba Razzaq, 2010. "Estimating Import-Demand Function in ARDL Framework," EERI Research Paper Series EERI_RP_2010_15, Economics and Econometrics Research Institute (EERI), Brussels.
    6. Nusrate Aziz & Nicholas Horsewood, 2008. "Determinants of Aggregate Import Demand of Bangladesh: Cointegration and Error Correction Modelling," International Trade and Finance Association Conference Papers 1114, International Trade and Finance Association.
    7. Mohsen Bahmani-Oskooee, 1998. "Cointegration Approach to Estimate the Long-Run Trade Elasticities in LDCs," International Economic Journal, Taylor & Francis Journals, pages 89-96.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Growth; political economy; Planning Commission; Pakistan.;

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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