1. The author is Professor of Economics, University of Dhaka. This is a revised version of a paper presented at the International Conference on Universalization of Social Protection in Asia, held in New Delhi on February 17-20, 2008, jointly organized by The Institute of Social Studies, The Hague, and Institute for Human Development, New Delhi. The article originated from a lecture jointly organized by Yale Growth Centre and Yale Centre for International and Area Studies on September 13, 2005. The author...