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<p>Pakistan was established as a progressive Islamic welfare state based on principles of Islamic political economy highlighted by Allama Iqbal and Quaid-i-Azam, who led the Pakistan Movement launched by Indian Muslims in the first half of the twentieth century. The country has a long history of political economy dynamics aimed at the actualization of sustainable national development. This empirical study contributes up to date first-ever empirical critique of the entire 78-year history of Pakistan’s political economy. The universal Islamic political economy was the ideological foundation of the demand of the Indian Muslim masses for establishment of Pakistan in the Indian subcontinent in the first half of the twentieth century. This article aims to highlight the occurrence of drifts, deviations, and revolutionary changes in Pakistan’s nine phases and to identify national successes and failures, including their policy implications. The economic history’s transdisciplinary approach <i>à la</i> Cipolla (Between History and Economics: An Introduction to Economic History. Oxford: Wiley–Blackwell, 1991) is utilized to gather and interpret pertinent data, and to critically explain the long-term painstaking process in Pakistan, which commenced in the first half of the twentieth century. As the study finds, Pakistan’s regressive nationalist political economy involution, combined with the enslavement driven by the global capitalist forces of development finance institutions such as the IMF and the World Bank, conditioned the country heavily. Pakistan got caught in the lower middle-income trap for 78 years since 1947; while it independently developed its nuclear defense programme and emerged as a successful global atomic power, the country merely progressed from a low income to a lower middle income developing country status, due to the key role of its manufacturing sector. The economic backbone was supported by agriculture and the services sector, which helped in realizing remarkable industrial development-oriented structural macroeconomic changes. However, these were politically, socially, and environmentally unsustainable. That is why Pakistan has had to confront itself with several grave crises – ideological, political, economic, environmental, including debt, poverty, inflation, water, and energy issues – during the 1990s, the 2010s and the first half of the 2020s.</p>

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A Retrospective on 78-Year History of Pakistan’s Political Economy

  • 期刊论文

  • 发表日期：

    2025年6月1日

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  • Muhammad Iqbal Anjum

摘要

Pakistan was established as a progressive Islamic welfare state based on principles of Islamic political economy highlighted by Allama Iqbal and Quaid-i-Azam, who led the Pakistan Movement launched by Indian Muslims in the first half of the twentieth century. The country has a long history of political economy dynamics aimed at the actualization of sustainable national development. This empirical study contributes up to date first-ever empirical critique of the entire 78-year history of Pakistan’s political economy. The universal Islamic political economy was the ideological foundation of the demand of the Indian Muslim masses for establishment of Pakistan in the Indian subcontinent in the first half of the twentieth century. This article aims to highlight the occurrence of drifts, deviations, and revolutionary changes in Pakistan’s nine phases and to identify national successes and failures, including their policy implications. The economic history’s transdisciplinary approach à la Cipolla (Between History and Economics: An Introduction to Economic History. Oxford: Wiley–Blackwell, 1991) is utilized to gather and interpret pertinent data, and to critically explain the long-term painstaking process in Pakistan, which commenced in the first half of the twentieth century. As the study finds, Pakistan’s regressive nationalist political economy involution, combined with the enslavement driven by the global capitalist forces of development finance institutions such as the IMF and the World Bank, conditioned the country heavily. Pakistan got caught in the lower middle-income trap for 78 years since 1947; while it independently developed its nuclear defense programme and emerged as a successful global atomic power, the country merely progressed from a low income to a lower middle income developing country status, due to the key role of its manufacturing sector. The economic backbone was supported by agriculture and the services sector, which helped in realizing remarkable industrial development-oriented structural macroeconomic changes. However, these were politically, socially, and environmentally unsustainable. That is why Pakistan has had to confront itself with several grave crises – ideological, political, economic, environmental, including debt, poverty, inflation, water, and energy issues – during the 1990s, the 2010s and the first half of the 2020s.