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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2159

A tale of an industrial engineer of Sri Lanka

[b]A tale of an industrial engineer of Sri Lanka[/b]

By Q Perera - Our Business Correspondent

Before Sri Lanka attained Independence, the economic principle followed was the free market economy, but the country subsequently was inflamed with socialism that devastated the economy and the mixture of free market and controlled economy that took place, throughout.

When Sri Lanka has been predominantly an agricultural country, the rulers tried to convert the country into an industrialized nation, even importing raw materials such the Athurugiriya Steel Factory. These rulers were so cruel and aimless, the flourishing private sector was crushed to the ground, while nationalizing the major private sector industries and they too were doomed by mismanagement and robbery by various government stooges.

After nearly 60 years, now suddenly those who followed the socialist concepts and miserably failed turned to free market, yet some of the constituent parties of such governments prevented the country going fully towards the free market.

During this full socialist era, imports were almost totally banned and the few private manufacturing companies that were allowed to be in business found it extremely difficult to continue as on the one hand they were unable to replace their obsolete machinery and on the other profit margin due to law sales was drastically reduced and in dire straights, unable to replace the obsolete machines by importing new ones.

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