Historical Background of Political Economy of Pakistan

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  • 1947–1958 (Early Years): Pakistan inherited a weak industrial and financial base. Reliance on agriculture, limited infrastructure, and dependence on foreign aid shaped economic policies.
  • 1958–1971 (Ayub Khan Era): Introduced industrialization, Green Revolution in agriculture, and economic planning. Growth was high, but income inequality increased, leading to political unrest.
  • 1971–1977 (Bhutto Era): Nationalization of industries and banks. Attempted socialist-style reforms, but inefficiency and low productivity weakened the economy.
  • 1977–1988 (Zia Era): Shift towards Islamization, remittances from overseas workers, and Afghan War aid. Growth improved, but structural reforms were avoided.
  • 1988–1999 (Democratic Governments): Frequent changes of governments (Benazir vs. Nawaz), weak institutions, corruption, and debt accumulation slowed growth.
  • 1999–2008 (Musharraf Era): Privatization, financial liberalization, and U.S. aid post-9/11 boosted economy, but growth was not inclusive.
  • 2008–Present: Democratic transitions, IMF programs, China-Pakistan Economic Corridor (CPEC), energy crisis, and inflation dominate the political-economic landscape.

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