There is a story which has gained the status of a folklore. It goes something like this. In the early 1960s, Pakistan was seen as a model of economic development around the world, and there was much praise for the way its economy was progressing. It has been suggested by numerous economists and bureaucrats, that many countries sought to emulate Pakistan's economic planning strategy and one of them, South Korea, ended up copying Pakistan's Second Five Year Plan (1960-65). Those who recount this story argue that in the early 1960s, Pakistan's and Korea's per capita incomes were more or less equal. On account of following that strategy, it is said, Korea ended up among the more developed of the developing countries, with a GDP per capita greater than $ 8,000 today; Pakistan's GDP per capita is still only $ 460. Even if this story is not entirely true, it does reveal a great deal of truth in the fact that Pakistan has been left behind in terms of economic development...