Entrepreneurship in Pakistan

20067 WordsJan 3, 200981 Pages
PIDE Working Papers 2007:29 Entrepreneurship in Pakistan Nadeem Ul Haque Formerly Vice-Chancellor Pakistan Institute of Development Economics, Islamabad PAKISTAN INSTITUTE OF DEVELOPMENT ECONOMICS ISLAMABAD 2 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means—electronic, mechanical, photocopying, recording or otherwise—without prior permission of the author(s) and or the Pakistan Institute of Development Economics, P. O. Box 1091, Islamabad 44000. © Pakistan Institute of Development Economics, 2007. Pakistan Institute of Development Economics Islamabad, Pakistan E-mail: publications@p ide.org.pk Website: http://www.pide.org.pk Fax:…show more content…
The international research network with fledgling domestic counterparts dedicated themselves to developing policy instruments for delivering this noble objective of plenty everywhere. Unfortunately, 60 years later poverty persists and many countries like Pakistan are caught in a poverty trap. The international research enterprise has rededicated itself in the last 20 years to understanding the reasons for this policy, aid and donor failure. The answer has come in five different forms. (a) Economic growth requires institutional prerequisites which underpin human transactions. These prerequisites are those that human civilisation has evolved over the years—rule of law, democratic institutions, sound legal framework including an efficient and independent judiciary, modern economic governance including property rights and market developing regulation, and a free and open media. Without these the environment remains very uncertain and full of risk which impairs entrepreneurship and investment. (b) Economic aid works only where the policy and institutional environment is sound. This again lends support to the ‘primacy of institution’ argument. A society that achieves the institutional set up described above goes on to achieve economic development. [Landes (1998)]. (c) Growth is a
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