{"id":118994,"date":"2021-10-07T17:16:02","date_gmt":"2021-10-08T00:16:02","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=118994"},"modified":"2021-10-07T17:16:02","modified_gmt":"2021-10-08T00:16:02","slug":"sri-lanka-need-economic-disciplines","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/10\/07\/sri-lanka-need-economic-disciplines\/","title":{"rendered":"SRI LANKA NEED ECONOMIC DISCIPLINES"},"content":{"rendered":"

BY EDWARD THEOPHILUS<\/strong><\/em><\/span><\/h2>\n\n\n

Many\nSri Lankans have misunderstood the meaning of economic disciplines and they\nalso misapprehend economic disciplines in broader terms. When introduced market\neconomic strategy in 1978, the attention of policymakers was broadening trade\npolicies relating to imports and other aspects of trading, including\ninvestments. The simple purpose of economic liberalization in connection with\npolitical aspects was for businesses to show full of consumer items on the\nsupermarket shelves and small shops of villages. In short, the market policy\naccommodated shops for imported items. The shortage of consumer items was a\nsignificant rhetorical argument during the election in 1977 and the elected\ngovernment wanted to show shelves of shops with consumer items. It was a\npolitical strategy to attract voters to the government side and indirectly\nhelping rich countries to promote exports to Sri Lanka and attract foreign aids\nto the country. Mr. Colvin R.de Silva described this situation as promoting\nwindow shopping. He further explained that the economic policy allowed people\nfor marketing with empty pockets because the open market policy discouraged\ngaining revenue by many working-class employees and promoting a\nproduction-based economy.<\/p>\n\n\n\n

The\npositive aspect of the market economic policy was producers found a market and\nprice for products. The meaning of economic disciplines broadly explains to\ntake effective controls to prevent disadvantages that possibly create to the\neconomy by imposing bountiful regulation in various economic activities. The\nbest examples were Singapore, Australia, and many Western countries, where\nbroadly used tariffs to prevent the unnecessary volume of imports. Many\neconomic policymakers of Sri Lanka were confused with the idea and how the\nderegulation concept operated in Western countries and how they adapted the\npolicy without harming their economic advantages and domestic production\nprocess. With Singapore, international politics is associated with the market\neconomy. For example, Singapore, South Korea, Taiwan attracted foreign investments\nas an effect of the Cold war, and these countries were strengthened by American\ninvestments. Australia uses market regulatory authorities and the ombudsman\nrole to prevent disadvantages to lower-income earning people. <\/p>\n\n\n\n

The\nderegulation in Western countries was supporting market expansion. Product\nquality was the secret weapon of marketing products with consumers\u2019 confidence\nin other countries. The market has been a critical requirement to expand the\neconomy with higher aggregate demand. In Sri Lanka, disciplines had not been implemented\nsince the operation of the market economic system in 1978. The deregulation in\ndeveloped countries meant removing barriers to expand the market and opening\nthe economy to the outside world, and the intention of opening the economy was\nto expand the export market.<\/p>\n\n\n\n

Economic\ndisciplines are a broader concept related to many areas of the economy and may\nbe related to removing regulations that restrict the expansion of the economy. When\nregulation is removed, the economy opens for competition, which may support the\nlowering prices of goods and services while improving the product and service\nquality. <\/p>\n\n\n\n

Investors\ncan bring money from outside and promote entrepreneurship, encouraging\ninvestors to discover new markets, products, and make profits. The market\ncompetition would remove dishonest entrepreneurs and attract capital from internal\nor outside. It is a theoretical aspect. Many economics textbooks explained the\nsituation and abundant strategies associate with marketing such as trade\nagreements, cooperation-related memorandums, and many others. <\/p>\n\n\n\n

However,\nin Sri Lanka, there is about 15% population is crying for strict regulation\npromoting restrictions for their advantages and the cry of this group of people\nundermines disciplines and justice. Justice should be everybody and economic\ndisciplines do not mean helping only unproductive people. For example, it can\ntake pricing of rice, and rice price must be at the level that farmers\nencourage to produce more and when the production level increases, the price\nwill reduce to an equilibrium level, and, for example, Japan is rice consuming\ncountry and the regulation system would not allow importing rice for domestic\nconsumption. In Sri Lanka, major issues relating to rice are increasing\nproduction and distribution among consumers.        <\/p>\n\n\n\n

The\nopening economy to the outside world doesn\u2019t mean that the entire economy may\nfloat in the way without controls and economic advisors of the government had\nnot been understanding the concept intending to regulate.    <\/p>\n","protected":false},"excerpt":{"rendered":"

BY EDWARD THEOPHILUS Many Sri Lankans have misunderstood the meaning of economic disciplines and they also misapprehend economic disciplines in broader terms. When introduced market economic strategy in 1978, the attention of policymakers was broadening trade policies relating to imports and other aspects of trading, including investments. The simple purpose of economic liberalization in connection […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[],"class_list":["post-118994","post","type-post","status-publish","format-standard","hentry","category-edward-theophilus"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/118994","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=118994"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/118994\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=118994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=118994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=118994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}