Macroeconomic Policies, Crises, and Growth in Sri Lanka, by Prema-chandra Athukorala, S. K. Jayasuriya

By Prema-chandra Athukorala, S. K. Jayasuriya

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Extra resources for Macroeconomic Policies, Crises, and Growth in Sri Lanka, 1969-90 (World Bank Comparative Macroeconomic Studies)

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Library of Congress Cataloging-in-Publication Data Athukorala, Premachandra. Macroeconomic policies, crises, and growth in Sri Lanka, 1969-90 / Premachandra Athukorala, Sisira Jayasuriya.  cm. (The World Bank comparative macroeconomic studies) Includes bibliographical references and index.  Series. 5 '0954893dc20 94-31612 CIP Page v Contents Foreword vii Acknowledgments ix Acronyms x Data Notes xi Chapter 1. Introduction 1 Chapter 2. Sri Lanka's Political and Policy History 4 The Arrival of Independence 6 The Political Economy of Consumer Subsidies 7 An Open-Market Economy: 1948-56 9 The Shift to Import Controls: 1956-65 10 Partial Liberalization: 1965-70 13 Regulation and Controls: 1970-77 17 The Turnaround in Economic Policy after 1977 20 The Rise of Ethnic Hostility 23 Chapter 3.

In the case of tea, for example, an increase in productivity might even aggravate the problem by further dampening world prices. In the case of other items, both traditional and new, earnings could be increased by increased production, but this takes time, calling as it does for new capacity. Such an objective must necessarily loom large in any development program for Sri Lanka, but it does not provide an overnight solution to the payments problem. Many policy advisers were aware of some of the limitations of an import-substitution strategy (see, for example, Corea 1971b), but the possibility that a policy of promoting import substitution would by its very nature tend to discourage ex-port-oriented industries because of general equilibrium effects was not seriously considered.

1 Sinhalese and Tamil, the languages of the two largest ethnic groups, have a common Indian origin, belonging respectively to the Indo-Aryan and Dravidian linguistic families. According to historical and archeological evidence, today's ethnic identities evolved over time through the intermingling of many waves of migrants from different parts of India, who were absorbed into the dominant linguistic groups. However, myths about the racial origins of these two ethnic groups, which have become entrenched over time, play an important role in Sri Lankan political and social life.

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