Open AccessIs the Social Action Programme in Pakistan Financially Sustainable?
Author(s) -
Hafiz A. Pasha
Publication year - 1995
Publication title -
pakistan development review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.154
H-Index - 26
ISSN - 0030-9729
DOI - 10.30541/v34i4iipp.629-647
Subject(s) - economics , complementarity (molecular biology) , investment (military) , appeal , foreign direct investment , social security , politics , economic system , development economics , market economy , macroeconomics , political science , law , genetics , biology
Earlier neoclassical, classical, or structuralist theories[due to Rostow (1960)] considered economic growth to be a result of theright quantity and combination of saving, investment, and foreign aid,with surpluses from the primary commodityproducing sectors beingchannelled into capital for further growth. Accordingly, the mainconstraint in these growth models has been the relatively low level ofcapital formation available. While the above paradigm has intuitiveappeal, it, however, ignores the complementarity of social-politicalinfluences on the physical variables (i.e., capital, labour, etc.) ingrowth and development. Urquidi (1971) argued that the social progressof a nation is a necessary condition for sustained economic growth. Itis now increasingly evident that the investment in the socialsectors-primary education, basic health, housing, changes in land-tenuresystem, social security, better social relations-are as, if not more,important than the investment in the commodity-producing sectors orrelated infrastructure. In this context, Lloyd-Ellis (1993)noted: