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  1. 1
    293798

    Globalisation and Pakistan's dilemma of development.

    Gardezi HN

    Pakistan Development Review. 2004 Winter; 43(4 Pt 1):423-440.

    Pakistan's development project that was initiated in the 1950s with a focus on creating a prosperous and equitable society, making the benefits of scientific advancement and progress available to all the people, got lost somewhere in the labyrinth of development fashions and econometric modelling learned in American universities and World Bank/IMF seminars. The latest of these fashions being eagerly followed by the economic managers of the state is the implementation of structural adjustments, termed "Washington Consensus" by some, flowing from the operative rules and ideological framework of neo-liberal globalisation. In practice these adjustments, euphemistically called reforms, have foreclosed the possibility of improving the condition of working masses, not only in Pakistan but globally, including the developed West. If Pakistan is to reclaim its original people-centred development project, it will have to set its own priorities of development in the context of indigenous realities shared in common with its South Asian neighbours. Following the globalisation agenda at the behest of the Washington-based IFIs will sink the country into ever greater debt and mass poverty. (author's)
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  2. 2
    282343

    Successes and failures of development experience since the 1980s.

    Ranis G

    New Haven, Connecticut, Yale University, Economic Growth Center, 1996 Sep. 28 p. (Center Discussion Paper No. 762)

    This paper reviews the development experience since the 1980's and finds room for guarded optimism about what we can learn from it. Firstly, a global consensus is emerging on the need for macro-economic stability through prudent fiscal, monetary and foreign exchange policies. However, at the micro or structural level, while governments need to decentralize their decision- making authority more fully than they have thus far, in reaction to the recent reappraisal of the East Asian model there is some danger that development policy will swing too far in rejecting liberalization and returning to government intervention. Secondly, the paper points out that, while there exists a well-recognized causal nexus between exports and growth, the reverse causation also holds, i.e. domestic growth patterns conditioned by education and R&D expenditures and policies determine whether or not a country can take full advantage of existing export opportunities. Finally, although fast-disbursing policy-based loans have not been as successful as they could be, largely because of the World Bank's chosen modus operandi, they represent potentially highly effective instruments that should not be abandoned. Rather, the Bank should help render such loans more fully "owned" by recipients, replace country-specific lending quotas by aid ballooning related to carefully worked out reform packages, and develop a better division of labor with other multilateral and bilateral donors. (author's)
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