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The Need for Industrial Policy

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There is plenty of discourse on economic issues these days. One aspect that needs attention is the revival of industry in Pakistan. The common perception is that Pakistan has somehow missed the bus in this regard. However, there is no way to transform economic development unless there is industrialisation. We refer to some literature (Sayeed 2002, Hamid and Khan 2015, World Bank 2013) in this article to present various aspects of the industrialisation debate.

There are mainly two points of view here: one is that holds the neoliberal policies of the Washington consensus responsible for arresting industrialisation in Pakistan; and the other that does not focus on the role of the state or ‘state-society’ relationship and presents the neoliberal prescription of connecting infrastructure, cities, labour, production processes, efficiency, and technological innovation as the way forward.

While there is an element of truth in both the above arguments. We think that the argument holding the Washington Consensus responsible for taking the focus away from industrialisation is more relevant. It is established in the political economy literature that state policies need to have an interventionist role to steer industrialisation in developing countries. The entire South East Asia and China achieved remarkable economic growth through industrialisation........

© Daily Times