By Saman Kelegama
This ebook examines quite a few impediments confronted within the improvement method and implementation of reforms in Sri Lanka, relatively after financial liberalization in 1977. the writer keeps that it's a case of improvement lower than rigidity the place the result has been a ways lower than the country's strength. The booklet describes key gains of the Sri Lankan socio-political and economy that avoided the rustic from attaining better degrees of financial progress. It explains why it might no longer fit the industrial achievements of South Korea and Malaysia-countries that had comparable according to capita source of revenue degrees to that of Sri Lanka within the Fifties. The e-book is split into 5 components. the 1st half examines 50 years of monetary improvement and the demanding situations forward; the second one discusses the industrial liberalization debate; the 3rd half appears to be like at macroeconomic administration in the course of tough instances; the fourth appears to be like at sectoral matters near to and agriculture; and the ultimate half examines employment and poverty.
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Additional info for Development Under Stress
The next section provides a brief survey of the former period and highlights the factors that constrained economic progress. A survey of the 1977–97 period highlights the major weaknesses in the economic system during that period followed by some concluding remarks. ECONOMIC DEVELOPMENT DURING THE 50 YEARS OF INDEPENDENCE 39 The Story from 1948–77: A Review What happened during this period has been extensively discussed in the existing literature. The observations made in these studies would be useful in making an assessment on the economic policy framework of this period.
ECONOMIC DEVELOPMENT DURING THE 50 YEARS OF INDEPENDENCE 53 Implementing the first Budget of the new regime was by no means an easy task. The majority of those in the existing private sector who were so used to the ‘licensing raj’, were against any attempts to liberalise the economy. So were the bureaucracy, most parliamentarians of the ruling party including some leading Cabinet members, the media, and so on. But despite this resistance, a small group around the Minister of Finance, with the backing of the prime minister, took a bold measure towards liberalising the economy.
37. FAO (1999), ‘Food Security and Nutrition: Sri Lanka’, FAO Office, Colombo (mimeo). ILO (1971), Matching Employment Opportunities & Expectations—A Programme of Action for Ceylon, Report and Technical Papers, Geneva. IPS (2005), Sri Lanka: State of the Economy—2005, Institute of Policy Studies of Sri Lanka, Colombo. Isenman, P. (1980), ‘Basic Needs: The Case of Sri Lanka’, World Development, Vol. 8, March. Kelegama, S. and C. Rodrigo (2004), ‘Economic Theory and Development Practice: Stiglitz’s Critique and the Sri Lankan Experience’, in Partha Nath Mukherji and Chandan Sengupta (eds), Indigeneity and Universality in Social Science: A South Asian Response, Sage Publications, New Delhi.