{"id":59340,"date":"2016-10-04T21:48:14","date_gmt":"2016-10-05T03:48:14","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=59340"},"modified":"2016-10-03T04:51:46","modified_gmt":"2016-10-03T11:51:46","slug":"no-to-etca-sri-lankas-business-community-put-nation-before-profit","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2016\/10\/04\/no-to-etca-sri-lankas-business-community-put-nation-before-profit\/","title":{"rendered":"NO to ETCA: Sri Lanka\u2019s Business Community put Nation before Profit"},"content":{"rendered":"

Shenali D Waduge<\/strong><\/em><\/span><\/h2>\n

Without a doubt the private sector plays a crucial role in steering the economy of Sri Lanka. Even in adverse times Sri Lanka managed to keep afloat. The capitalist system however is failing globally. Once rich and flourishing nations are all in decline. There is imbalances everywhere. Even the US is trillions in debt. Elsewhere in Europe there is a migrant crisis as a result of the bogus military interventions taking place, again these interventions will only benefit the companies and banks that funded the war coffers. Sri Lanka\u2019s corporate world cannot overlook ground political realities. In such a climate all investments and agreements must necessitate a broader understanding of the ramifications to the country both mid-term and long term inspite of short term profit. The business community of Sri Lanka must put Country First.<\/p>\n

Lets\u2019 first look at the global economic structure.<\/p>\n

Countries are made to open markets and grow cash crops where all that is grown ends up exported and the people end up paying for imported goods. The businessmen of course reaps the profits. This is not sustainable development. A nation\u2019s victims of the cash crop end up facing economic hardships and eventually the nation too suffers. A good look at the trade deals over the years proves this.<\/p>\n

Free-market neoliberal dogma increases competition through deregulation and opening domestic markets to foreign competitors. The victims are social welfare systems, health, domestic labor laws and environmental laws. We see that now happening. Foreigners eventually end up taking back more than they have put in. Politicians are easily influenced because they are pressed for investment and money to sustain their own political existence.<\/p>\n

The current government has not understood the magnitude of the situation they have created for themselves. They have been euthanized by wanting to please the so-called international community and fallen prey to pats of their back thereby foolishly abdicating the powers of the State to external forces aligned to NGOs on foreign payroll.<\/p>\n

Privatizing initiatives now being ironed out through public private partnership programs (another proven failure) will further limit and diminish the role of the State.<\/p>\n

In privatizing state assets and liberalizing economic policies to foreign transnational companies (virtually on par with world governments) Sri Lanka will come under foreign rule. We are drafting a scenario where UN and IMF-WB will end up running Sri Lanka!<\/strong><\/p>\n

When will people wake up to the fact that IMF-WB and the WTO have created a framework to suit elite politician-corporate nexus across the world. GDP growth and per capita consumption model has only promoted debt, ravaged environments and left people in squalor.<\/p>\n

IMF and WB advocate neoliberal economics which in other words is maximum market freedom and minimum state intervention.<\/strong> In such a scenario the presence of Indian businesses and Indian people in Sri Lanka is going to drastically affect all of the people including the local business community since the state monopoly will also be reduced and they will not be able to come to their assistance in their own country (govt functions will soon be taken over by private enterprises)<\/p>\n

These changes have come slyly. Unknown to third world governments the IMF and World Bank have spent on training to tap opinion-makers and decision makers (state legislators, civil society, bureaucrats, media etc) and who have been spoon fed on the proposed economic framework hypnotizing them to accept the structural adjustments and then tasked to coerce the public.<\/p>\n

For those who boast of open market economic success – let them show examples of where IMF-WB structural adjustments in the form of currency devaluation, liberalizing of economy, privatizing public assets, relaxing environmental laws, removing safeguards for employees in labor laws, removing subsidies have benefitted the masses?<\/strong><\/p>\n

Statistics show the economic gap between 1% haves and 99% have-nots increasing resulting in further tensions and future calamities.<\/p>\n

What we have is the elitism of the 1% not realizing that they are sitting on a virtual volcano even though they do not wish to surrender their profit.<\/p>\n

The UN too has warned of a global fallout from debt crisis in poor countries. www.theguardian.com\/business\/2016\/sep\/21\/united-nations-unctadwarns-debt-crisis-poor-developing-countries-oil-prices<\/a><\/p>\n

The IMF and WB as a result of their neoliberal policies stand guilty of<\/p>\n