Economics and Governance (The Presidential Address)

Ladies and Gentlemen, in the 60 years of postcolonial development, Pakistan and many other poor countries have followed many prescriptions that promised development. These countries went through phases of planning and controls, nationalisations and socialism, industrialisation strategies based on licenses and protection, the Washington consensus and many other prescriptions. Billions of dollars in loans and aid have been consumed. Yet poverty has not been eliminated and any low income countries remain in that category.