Since its inception in 1947, Pakistan's economic trajectory has been deeply intertwined with external assistance. From early American aid during the Cold War to contemporary multilateral financing, the country has repeatedly depended on foreign inflows to stabilise its macroeconomic position. Yet, despite decades of such support, Pakistan has struggled to achieve durable, self-reliant growth. This paradox is neither accidental nor unique. In his book Farewell to Alms, economic historian Gregory Clark offers a long-term perspective that helps explain why financial inflows alone rarely translate into lasting development. His central argument is that societies historically remained trapped in a Malthusian equilibrium where income gains fail to improve living standards. The book offers a deeper insight that resources, in isolation, do not generate prosperity. What matters instead are structural transformations in productivity, institutions and human capital.

Pakistan's experience reflects this reality. During the era of Ayub Khan, Pakistan became a key ally of the United States within the geopolitical context of the Cold War. The country benefited from substantial economic and military assistance, including programmes administered through USAID. This period witnessed respectable growth rates, often cited as a "decade of development." However, much of this........

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