Markets and long term economic growth in South Asia, 1950-97 an interpretation
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Date
1950
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Abstract
In the context of the theme, markets and economic growth, this paper seeks to examine the role of output as well as factor markets in shaping the pace as well as composition of economic growth in the major South Asian economies. In particular, we seek to explain the slow pace of economic growth in these economies since 1950s using Simon Kuznets-douglass North institutional approach to economic growth. This approach emphasizes the evolutionary path dependent character of the growth process focusing on the processes and mechanisms of adjustment and their outcomes for economic growth. Specifically, we argue that product-market distortions emerging from restrictive trade and exchange rate policies under centrally initiated and public sector-oriented industrialization constituted the major causal factor behind the slow pace of growth of South Asian economies.
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Keywords
Economic growth, South Asia Economic, Trade