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List and wxplain the factors that aided the rapid growth of economic growth in east asian coutrie
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During the first decade after independence in 1948, Sri Lanka (commonly called Ceylon until 1972) continued as an open trading nation with only relatively minor trade and exchange rate restrictions. From the late 1950s, a combination of the influence of the state of development thinking at the time, change in political leadership and balance of payments difficulties led to the adoption of a state-led import substitution development strategy. By the mid-1970s the Sri Lankan economy was one of the most inward-oriented and regulated outside the communist bloc, characterized by stringent trade and exchange controls and pervasive state interventions in all areas of economic activity.2
At the time of independence Sri Lanka was regarded by many as one of Asia’s most promising new nations. It was favoured with many early advantages which were not shared by most other Asian countries: a vibrant export sector, relatively high level of education, good physical infrastructure, and a broad-based and efficient administrative apparatus. However, this early promise was not sustained. Until about the late 1960s Sri Lanka’s per
2Sri Lanka’s post-independence policy history has been well documented: Rajapatirana (1989), Athukorala and Jayasuriya (1994), More (1997), Dunham and Kelegama (1997), Snodgrass (1998) and Athukorala and Rajapatirana (2000). For a review of the Sri Lankan experience with trade policy reforms from a comparative South Asian perspective, see Panagariya (2002).
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capita income (purchasing power adjusted) was much higher than those of Thailand and South Korea, and only marginally lower than that of Malaysia (Athukorala and Rajapatirana 2000, Table 1). From then on Sri Lanka slipped below these and many other countries, rapidly co...
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...gy emphasised the role of the state in
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‘guiding the markets’ in redressing untoward effects of economic globalisation and effectively ruled out privatisation of the key remaining state enterprises, while conspicuously avoiding any reference to further trade liberalisation.
The country returned to a state of normalcy at the end of the 30-decade old civil war in May 2009. On the back of the military victory, President Rajapakse consolidated power by calling fresh presidential and parliamentary elections in 2010 and winning both decisively. Immediately after the elections, the constitution was amended removing the two-term limit on the tenure of the president. One of the main arguments advanced in defense of this legislation was that the country needed a strong executive to facilitate the development of the economy under the new state-led approach (Uyangoada 2010).
Few governments will argue that the exchange of goods and services across international borders is a bad thing. However, the degree to which an international trading system is open may come into contest with a state’s ability to protect its interests. Free trade is often portrayed in a good light, with focus placed on the material benefits. Theoretically, free trade enables a distribution of resources across state lines. A country’s workforce may become more productive as it specializes in products that it has a comparative advantage. Free trade minimizes the chance that a market will have a surplus of one product and not enough of another. Arguably, comparative specialization leads to efficiency and growth.
James, Lawrence. Raj: The Making and Unmaking of British India. New York: St. Martin's, 1998. Print.
Page, J. (1994). The East Asian Miracle: Four Lessons for Development Policy. NBER Macroeconomics Annual , 219 - 282.
...bances began to emerge, and the economy began to drop. Unrest cost many lives, until demands for change were heard and the political system was revised. In 1994, the South African people went to the polls for the first time and held a democratic election in which Nelson Mandela became president. The country of South Africa has made strides in healing their broken country.
While free trade has certainly changed with advances in technology and the ability to create external economies, the concept seems to be the most benign way for countries to trade with one another. Factoring in that imperfect competition and increasing returns challenge the concept of comparative advantage in modern international trade markets, the resulting introduction of government policies to regulate trade seems to result in increased tensions between countries as individual nations seek to gain advantages at the cost of others. While classical trade optimism may be somewhat naïve, the alternatives are risky and potentially harmful.
Standard of Living, in a purely material dimension is the average amount of GDP per person in a country (therefore determining access to goods and services). However the term has a much broader, non-material dimension involving issues of quality of life and are therefore much more difficult to quantify. There is no single measure of SoL, but a range of indicators, which can be used together to give a good idea of a countries’ SoL. Reasons for GDP figures alone giving an incomplete understanding of SoL in a country will be explained in this essay, along with problems faced when comparing levels of development between countries.
Mitchener, Kris, J. "Politics and trade: evidence from the age of imperialism." Voxeu.org. CEPR, 11 April 2008. Web. 30 November 2013.
Sri Lanka has also experienced a series of socio-political disturbances over the past several decades including...
BOSE, Sugata and JALAL Ayesha. Modern South Asia: history, culture, political economy. London, Routledge, 2011
We begin our study of free trade by understanding the four principles of individual decision making.... ... middle of paper ... ... Edge, Ken, “Free trade and Protection: advantages and disadvantages of free trade” NSW HSC online http://www.hsc.csu.edu.au/economics/global_economy/tut7/Tutorial7.html#more Accessed November 29, 2011. Net Aparijita, Sinha, “What are the disadvantages of free trade?
...liberalisations have had adverse consequences for some – including the poorest people – but should we automatically condemn trade initiatives because it means that one person loses or is pushed into poverty? The identification of hardship arising from a generally desirable policy reform should stimulate the search for complementary policies to minimise the adverse consequences and reduce the hurt that they unintentionally cause (Winters, 2002). ‘No country has successfully developed its economy by turning its back on international trade and long-term foreign investment’; although trade alone may not offer a solution for poverty reduction, the OECD and DFID have recently published reports identifying that combining aid and trade initiatives and encouraging the integration of trade and aid could progressively and sustainably alleviate poverty (OEDC, 2009; DFID, 2005).
Stallings, B. (2000), pp. 7-8, ‘Globalization and Liberalization: A View from the Developing Countries, U.N. Economic Commission for Latin America and the Caribbean.’ Available at: http://www.mtholyoke.edu/acad/econ/stallings.pdf. Accessed: 30th November, 2011.
Fletcher, I. (2011). Crumbling of Free Trade – And Why it’s a Good Thing. Retrieved from
The pearl of the Indian Ocean Sri Lanka, reflects a long history of its nations. From the archeological evidence of the prehistoric settlements and prehistoric human Balangoda man (Deraniyagala, 1998) to modern food of kottu like pizza to American; make the broad diversity of culture in Sir Lanka. By analyzing cultural heritage definition in Sinhala language, the definition given in the legislations in 1940, and its relationship with Athens charter and 1954 UNESCO convention, I will demonstrate the cultural heritage vision imbedded in the society through legal definition. Also, I will offer criticisms and recommendations for an improved approach to the definition of cultural heritage in Sri Lanka in broader context.
During the twentieth century, the world began to develop the idea of economic trade. Beginning in the 1960’s, the four Asian Tigers, Hong Kong, Singapore, South Korea and Taiwan, demonstrated that a global economy, which was fueled by an import and export system with other countries, allowed the economy of the home country itself to flourish. Th...