{"id":117655,"date":"2021-08-30T17:44:39","date_gmt":"2021-08-31T00:44:39","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=117655"},"modified":"2021-08-30T17:45:23","modified_gmt":"2021-08-31T00:45:23","slug":"structural-changes-needed-for-sri-lankas-economic-emancipation-a-cambridge-professor-of-economics-of-south-korean-extract-explains-how-such-korea-did-it-delivering-oration-at-71st-annivers","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/08\/30\/structural-changes-needed-for-sri-lankas-economic-emancipation-a-cambridge-professor-of-economics-of-south-korean-extract-explains-how-such-korea-did-it-delivering-oration-at-71st-annivers\/","title":{"rendered":"Structural Changes Needed For Sri Lanka\u2019s Economic Emancipation – A Cambridge professor of Economics of South Korean Extract Explains How Such Korea Did It Delivering Oration at. 71st Anniversary Commemoration of the Sri Lanka Central bank"},"content":{"rendered":"

Dr. Chula Rajapakse MNZM FRCP\/FRACP<\/em><\/span><\/h2>\n\n\n

The\nabove wonderful oration from the learned Cambridge Professor of South Korean\nextract,  high lighted clearly the importance of protecting infant\nindustries and ventures  till they grow to maturity just like a parent\nprotects a child till maturity before exposing  them to the turbulence of\nthe real world economies. He  exposed that the high priests  of free\nmarket ideology UK & US , did precisely that during the infancy of their\nmanufacturing industry in the past two centuries .<\/p>\n\n\n\n

 He\nalso revealed how South Korea, Singapore , Japan also practiced strong\nprotectionist policies  during the infancy of their industries.  The\nProfessor also revealed and revealed how it was done. He highlighted also the\nimportance of pragmatism and absence of one prescription fits all for economic\nprogress. The Home Grown Solutions\u201d  which the current leaders told the\nUNHCR , as being the way forward in Ethnic reconciliation.<\/p>\n\n\n\n

JRJ.\n opening  the economy in 1977 was a wonderful thing and has served SL\nwell since. However he did so  without any  protection to our infant\nindustries as adviced by the two institutions IMF & World Bank .This was\noverlooked not surprisingly as it was not in the interest of the American\nCooperate interest to do so. IMF and World bak are effectively US institutions\nas they are dominated so much by them, though other countries are also\nnominally contributors to them . They serve their masters first. The Sri Lankan\npundits who advocate running to these institutions at the drop of a hat are\naware of this , but still do so indicating whose interest they serve in the\nfirst instance.<\/p>\n\n\n\n

 
\nTherefore consequent to JRJ\u2019s opening of SL\u2019s economy  all nascent\nmanufacturing industries sugar, cement, motor car assembly ( I can remember the\nMazda  200 assembled in the late 60s or early 70s) were wiped out in the\nimport boom that followed & our economy begun to depend on apparel, Mid\nEast employment and tourism in addition to Tea, rubber and coconut to fund\nimports of the rest of the requirements.<\/p>\n\n\n\n

When\nthe  4 -5 billion dollar annual foreign income   from tourism dried\nup with COVID we saw it\u2019s folly as we had no money too buy what SL had got used\nand had become vital . When this administration attempted to revive some of\nthese by imposing tariffs on some of these importations meant to be temporary\nto tide over this turbulent periods and to await the infant industries to\nmature, cunning politicians  and such pundits  misrepresented and\nridiculed  it as going back to the failed policies of the 70s\u201d. The\nsection of Sri Lanka\u2019s population  ever willing to accept any thing to\n put down this administration , swallowed it hook, line and sinker.<\/p>\n\n\n\n

This\nadministration needs to pursue resolutely their pursuit of reviving old\nindustries and creating new industries especially through Colombo port city for\nIT based industries  and Hambantota EPZ and other EPZ\u2019s for manufacturing\nindustries. It needs to also exploit one of their best resources, their\neducated populace to create an export market from it and employment for their\npopulace by institutions such as Private Universities in fields where they are\ngood at, like Private\u2019s Medical schools, which the wreckers have undermined,\nhopefully only temporarily . These are a big revenue earners for countries like\nUK, US Canada & Australia.  The whole of the African continent is just\nwaking up and SL is well placed to offer such education to the elite of these\nregions.<\/p>\n\n\n\n

However,\nthey need to repeatedly and relentlessly to  communicate with the people\non their philosophy and how they are implementing it drowning out the\nunrelenting misleading voices which is all that is heard now.This is sadly is\nwhere this administration is failing  and so  facing the risk of all\ntheir good intentions and efforts being undermined .<\/p>\n\n\n\n

This is the contact to this wonderful oration for any onto pursue it further \u00a0\u00a0https:\/\/www.facebook.com\/cbsrilanka\/videos\/209923701105429<\/a><\/p>\n\n\n\n

Dr. Chula Rajapakse MNZM FRCP\/FRACP<\/p>\n","protected":false},"excerpt":{"rendered":"

Dr. Chula Rajapakse MNZM FRCP\/FRACP The above wonderful oration from the learned Cambridge Professor of South Korean extract,  high lighted clearly the importance of protecting infant industries and ventures  till they grow to maturity just like a parent protects a child till maturity before exposing  them to the turbulence of the real world economies. He […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-117655","post","type-post","status-publish","format-standard","hentry","category-forum"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/117655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=117655"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/117655\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=117655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=117655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=117655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}