COLOMBO – Sri Lanka has been deservedly praised for the progress it has made since the end of the war against the separatist Tamil Tigers in 2009. The economy has grown at an average annual rate of 6.7%, and education and health statistics are impressive.
All developing countries face myriad challenges, but this is especially the case for a country that has suffered an intense 30-year civil war. The government will need to set priorities; but success will require a comprehensive approach.
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Markets on their own won’t solve this problem. Sri Lanka will need balanced affirmative-action programs that address the various dimensions of economic disparity and are attuned to the inequalities within the Tamil population. It will do no good to give a leg up to Sri Lanka’s many rich Tamils, while leaving poor, lower-caste Tamils further behind.
Economic integration of the northern Tamil region will require heavy public investment in infrastructure, education, technology, and much else. Indeed, such investments are needed for the entire country. And yet tax revenue as a share of GDP is only 11.
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6%, about one-third that of Brazil.
Like many other developing countries, Sri Lanka simply enjoyed the fruits of high commodity prices in recent years (tea and rubber account for 22% of exports). Sri Lanka should have used the commodity boom to diversify its export base; the previous government of Mahinda Rajapaksa did not. With export prices down, and with tourism likely to suffer from the global economic downturn, a balance-of-payments crisis looms.
Some suggest that Sri Lanka turn to the International Monetary Fund, promising belt tightening. That would be hugely unpopular. Too many countries have lost their economic sovereignty in IMF programs. Besides, the IMF would almost surely tell Sri Lankan officials not that they’re spending too much, but that they’re taxing too little.
Fortunately, there are many taxes that the authorities can impose that would increase efficiency, growth, and equity. Sri Lanka has abundant sunshine and wind; a carbon tax would raise considerable revenue, increase aggregate demand, move the country toward a green economy, and improve the balance of payments. A progressive property tax would encourage more resources to go into productive investments, while reducing inequality and, again, boosting revenues substantially. A tax on luxury goods, most of which are imported, would serve similar goals.
Read full article at https://www.project-syndicate.org/commentary/sri-lanka-development-growth-by-joseph-e--stiglitz-2016-01
I completely disagree with Joseph on his approach to what is essentially an invisible pie in the sky. If there is something concrete and quantifiable that is required – and there certainly is – then the way to get that something done is NOT by raising taxes but by object driven quantitative easing.
Sri Lanka requires a great deal of structure, some infrastructure and a degree of training in functional skills to set it on course to the realization of its inherent potential that arises out of its geo-physical location and geo-physical position alone. Everything else can very well be brought in from abroad and everything else that is NOT required can be exported – including much of its near mentally retarded population which can make hardly any contribution to the realization of its potential other than to function as a cheap export commodity that can be used abroad for hard work that requires little or no training.
What is required can be acquired through object driven quantitative easing which will get us there sooner and bring the added bonus of making our tourism and garments globally competitive in terms of price. In the process there is a chance that some of our human exports may actually acquire some knowledge while working abroad – simple knowledge of how to to follow processes for instance, which may serve them well when they return to the island. Some of the knowledge of the human resourced we will have to import from Thailand and the Philippines in order to take our tourist industry to the next level may also rub off on some of the lion blooded and goat brained locals.
The object driven quantitative easing will itself function as a tax but will have the bonus of not being perceived as such by the proud lionine majority who once things are in place will of course enjoy the fruits of its outcome and celebrate this enjoyment with the claim that is was achieved all by themselves and for themselves. At that point we can all raise our glasses to the Lion and his ravished princess and celebrate a job well done DESPITE the silly advise being handed out by Joseph and his brothers.
I hope the big headed and big boned Neaderthal does not fall for the Josephian advise because if he does the government will find itself faced with a retarded population turned rebellious which – as it will learn if it cannot yet see it – can be quite a disastrous combination.
It just occurred to me that the Neanderthal and his tribe may have failed to realize that Joseph and his brothers want just that – a jolly good ISIS like rebellion launched by a retarded population turned rebellious – that sets the bullets flying and muddies and bloodies not just the water but the air as well so that fishing becomes easier. There is of course no option other than dealing with Joe and Bros so the neanderthal tribe must gather its wits around them and engage Joe and his boys.
Use of the “r” word is considered by many to show a lack of social awareness, is it not? I do not know or understand the other insults such as “goat brained” and “lion blooded.” These terms get in the way of my understanding of what is being said. Not to mention “Neanderthal.” I just cannot get past the mega insults. Even though if I were in your shoes perhaps I would feel as you do…..I try to understand but I cannot understand.
…yes. Not many people are aware that in terms of IQ the Sri Lankan Population is close to mental retardation. Development practitioners are just beginning to become aware of this finding. So yes…there is a lack of social awareness about this discovery.
http://www.photius.com/rankings/national_iq_scores_country_ranks.html
This link gives you some details about the researchers who did this bit of work. Their research report is a bit expensive at approximately 2,500 US $ per copy but there is an abridged version that sells for much less.I strongly recommend that as many Sri Lankans as possible read it and understand it so as to address this lack of social awareness of it and also to do something about it like for instance increasing the amount of beef and other animal and fish protein in our diet which will involve slaughtering more cattle and bringing down the import duties on Tinned fish the very opposite of both of which are being considered…
Nobody cares what you think, Nirmalan. Just give it up already!
There are very few people who think and even fewer who are able to articulate what they think. Organizations like our local BBS would like to ensure that no one thinks at all. They want everyone who thinks to “give it up”. I do not think that those who think will listen to such outfits.
There is also a systemic aspect to this “give it up” movement as anyone who has ever gone to school knows very well. Subtly and even violently enforced conformity is the objective of prevailing primary formative processes. It is this systemic aspect that generates such organizations as the BBS.
Therefore I can understand very well why “Give it up” becomes the cry – or should I say bleat? – of the well-intentioned disheartened, fearful and terrorized herd.