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This book examines the behaviour of private industrial investment in Pakistan in the 1960s, in the first half of which it rose at an unprecedented rate, followed by sharp decline, and then stagnation for the rest of the period. The approach adopted is institutional and empirical. The developments studied appeared to be very much the product of the institutional setting of Pakistan, which was different from that of most advanced countries but possibly riot so dissimilar from that in many other developing countries.