Institutional Factors in Development

Institutional Factors in Development Samuel Paul PAKISTAN'S industrial development experience was analysed a great deal by Pakistani and foreign economists in the late sixties and early seventies. Rashid Amjad provides an interesting and perceptive analysis of this phenomenon in the book under review. For scholars and policy makers in India. Amjad's work will be an eye-opener. We see here a classical case of how institutional factors play a decisive role in determining the rate and pattern of industrial development. Notwithstanding the lip service paid to the market mechanism in the sixties, it turns out that the alliance and interplay between government, the monopoly houses and financial institutions were critical to the outcomes on the industrial front in Pakistan. An analysis of this experience is one from which other developing countries and their governments will have much to learn.