This article has two main purposes. The first purpose is to introduce a new economic framework under which Sri Lanka could break down the chains that have kept them in poverty and become one of the “First World” or “Developed” nations.
The second purpose is to model Sri Lanka after the Scandinavian nations where the very wealthy live in safety, security and peacefully alongside the rest of the population enjoying all minimum basic needs and not like in some developed nations where a sizable population lives in poverty while a few enjoy unspeakable luxury and wealth, living in guarded communities. In Scandinavian nations everyone has free healthcare, free education, a house to live and livable wages and retirement income to live comfortably when they retire. These are some of the benefits we can experience if Sri Lanka became a First World nation following the footsteps of Scandinavian nations. Compare the lives of Scandinavian citizens with the Sri Lankan citizens; currently a huge segment of Sri Lankan women work outside Sri Lanka as domestic servants, often harassed by their employers....
It is always a puzzle why a nation like Sri Lanka is poor when the people are smart, work hard and quite honest. We tried to come up with a few responses to this question but I could never really understand the real reason until I came across, as I believe, are not only extremely smart but also benevolent, group of economists, other professional and business people that go by the “Modern Money Theory” (MMT) group. Their theory is so perfect for Sri Lanka that when I first came across it, I could not believe it, but as I read books written by the members of the MMT group and began interacting with them I realised that MMT can uplift a nation such as Sri Lanka from a developing nation to a developed nation status. If Sri Lanka is willing to consider the MMT approach to economics the founders and the members of the MMT framework would be ready to help Sri Lanka understand their framework in detail and help Sri Lanka adopt it without having to worry about any ill-consequences of inflation when spending the own currency of a sovereign nation. Therefore, let me introduce the MMT framework and the people behind it to Sri Lankans....OMG moment.
The Sunday Times – Sri Lanka
Sri Lanka can become a 1st World Nation: Using the "Modern Money Theory”
Sri Lanka can become a 1st World Nation: Using the "Modern Money Theory”
Indrajith Andrew Weeraratne
