Book contents
- The Cambridge Economic History of Modern South Asia
- The Cambridge Economic History of Modern South Asia
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Part 2
- Preface and Acknowledgements
- 1 Introduction to Part 2
- 2 The Economic Effects of Partition
- 3 Growth, Poverty and Inequality
- 4 Agriculture after Independence
- 5 Industry in the Post-independence Era
- 6 The Journey of Indian Finance
- 7 Business History since 1947
- 8 India’s Regional Economies
- 9 India’s Development Policy
- 10 Law and the Economy
- 11 Public Goods
- 12 Caste and Tribe
- 13 Women and the Economy
- 14 Labour, Employment and Wages
- 15 The Economic Effects of International Migration from India
- 16 Urbanization
- 17 Environment and Development in Independent India
- 18 Pakistan’s Economic History
- 19 Bangladesh
- 20 Conclusion
- Index
- References
18 - Pakistan’s Economic History
Key Turning Points, 1947–2022
Published online by Cambridge University Press: 01 March 2026
By
Book contents
- The Cambridge Economic History of Modern South Asia
- The Cambridge Economic History of Modern South Asia
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Part 2
- Preface and Acknowledgements
- 1 Introduction to Part 2
- 2 The Economic Effects of Partition
- 3 Growth, Poverty and Inequality
- 4 Agriculture after Independence
- 5 Industry in the Post-independence Era
- 6 The Journey of Indian Finance
- 7 Business History since 1947
- 8 India’s Regional Economies
- 9 India’s Development Policy
- 10 Law and the Economy
- 11 Public Goods
- 12 Caste and Tribe
- 13 Women and the Economy
- 14 Labour, Employment and Wages
- 15 The Economic Effects of International Migration from India
- 16 Urbanization
- 17 Environment and Development in Independent India
- 18 Pakistan’s Economic History
- 19 Bangladesh
- 20 Conclusion
- Index
- References
Summary
Pakistan’s seventy-five-year economic history can be divided into three distinct periods. The first decade after 1947 was a period of low growth, but one in which a functioning state was set up from scratch and rapid industrialization occurred. The 1960–1990 period saw high economic growth but high costs, including the secession of Pakistan’s eastern wing (now Bangladesh), the Soviet occupation of Afghanistan and the ensuing civil war, which spilled over into Pakistan. Between 1990 and 2022, growth halved, primarily due to the continuing conflict in Afghanistan – this time with the US- led invasion after 9/11 – coupled with poor economic management in dealing with recurring balance-of-payments crisis and frequent recourse to the IMF. The key factors responsible for these changes are identified through ten turning points, which capture major events both internal and external and the ensuing structural changes, including in the composition of the ruling elite. Failure to undertake economic reforms was a key factor in Pakistan’s overall disappointing performance after a promising start.
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- The Cambridge Economic History of Modern South Asia , pp. 390 - 435Publisher: Cambridge University PressPrint publication year: 2026
References
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