ECONOMYNEXT – Sri Lanka’s Latin-America-style default in peacetime, after surviving a 30-year war, was due to closely following Karl Marx and rejecting classicals through spurious monetary and fiscal doctrines coming second hand through the International Monetary Fund in particular. In the immediate aftermath of the default, when harsh measures had to be taken against the people and businesses to save the busted rupee, the crisis was complex and this columnist refrained from undermining confidence in the chosen path. It was not only important to restore the confidence in the rupee (since dollarization was blocked by macro-economists) but confidence was also…
Sri Lanka’s central bank, IMF, World Bank should stop following Marx and rejecting economists
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