Razeen Sally’s restated case for a truly free market
By Channa Fernandopulle
Sri Lanka is a nation with a historic affinity towards leftist politics. This legacy has been entrenched even in our nation’s Constitution through the phrase “Democratic Socialist Republic”. However as our nation strives towards greater development and an escape from the infamous middle-income trap that has arguably plagued even the most successful contemporary global economies, important questions are being raised over the models and ideologies adopted by policy makers and their relevance in the highly complex and volatile global marketplace.
Speaking at a recent forum organised by the Sri Lankan chapter of the Bastiat Society – an international organisation which promotes open, principled wealth creation through trade and a respect for individual freedom – prominent academic and visiting Associate Professor at Lee Kuan Yew School of Public Policy, National University of Singapore Razeen Sally delivered an erudite lecture on the development of capitalism in Asia, trade liberalisation, the role of Government intervention in economics, the questionable contribution of giant multinational corporations to innovation, current interpretations around the problem of inequality, the implications of such knowledge for Sri Lanka’s own development story and even described a Buddhist perspective of the market economy.
Sri Lanka is a nation with a historic affinity towards leftist politics. This legacy has been entrenched even in our nation’s Constitution through the phrase “Democratic Socialist Republic”. However as our nation strives towards greater development and an escape from the infamous middle-income trap that has arguably plagued even the most successful contemporary global economies, important questions are being raised over the models and ideologies adopted by policy makers and their relevance in the highly complex and volatile global marketplace.
Speaking at a recent forum organised by the Sri Lankan chapter of the Bastiat Society – an international organisation which promotes open, principled wealth creation through trade and a respect for individual freedom – prominent academic and visiting Associate Professor at Lee Kuan Yew School of Public Policy, National University of Singapore Razeen Sally delivered an erudite lecture on the development of capitalism in Asia, trade liberalisation, the role of Government intervention in economics, the questionable contribution of giant multinational corporations to innovation, current interpretations around the problem of inequality, the implications of such knowledge for Sri Lanka’s own development story and even described a Buddhist perspective of the market economy.
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