Inaugural Address

V. A. Jafarey


I deem it a privilege to inaugurate the Tenth Annual General
Meeting of the Pakistan Society of Development Economists. It is with
great satisfaction that I note the Society's contribution to increasing
awareness about the process of economic development in general and about
its unfolding in Pakistan in particular. Since its beginnings a decade
ago, the Society has grown into an institution committed to the cause of
development economics, which is to throw light on the ways and means of
raising standards of living in developing countries. It has since
broadened its scope as well as gained in depth. The Society and its
office-bearers deserve our congratulations on these achievements. I am
sure what we have seen of the Society's performance, especially on the
occasion of the Annual General Meetings, is an earnest of more of the
same in the future as well. We are today standing on the threshold of a
profound transformation of the basic equations of the world economy. On
the one hand, the old world order, based on the North-South divide, is
being replaced gradually by a more complex system in which several rival
economic blocks are emerging in the North as well as in the South.
Unlike the past, the North is no longer the sole purveyor of capital and
technical know-how, nor is the South completely dependent for its
technical wherewithal on the North. On the other hand, with the
disintegration of the Soviet Union, a unipolar political structure with
obvious economic implications appears to be taking shape. Even though
the overall picture of the New International Economic Order in the
post-Cold War era still remains hazy, one thing is absolutely clear: the
North as an engine of growth for the South has slowed down considerably
and the relationship appears to be more one of interdependence, in which
countries like Japan and South Korea have developed significant capital

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