By Prof. Samitha Hettige

In the early 1980s watching Sadam of Iraq attacking Iran was fun for some westerners as they backed him during Gulf War I. Iranians reversing the ‘White’ revolution which privatized the nationalized petroleum of Iran may have been the reason. Later when Sadam invaded Kuwait, his western friends killed him even though he didn’t posses weapons of mass destruction (Gulf War II). After nearly 40 years USA which planned the ‘White’ revolution in Iran attacked Iran and experienced never expected situations at the ‘Kingdom of Dates’ (AKA strait of ‘Hormuz’). Hormuz is the name of the lord of ‘Wisdom’ and the kingdom has been an international trading centre in the Persian Empire. Ancient China and the then civilized world had traded in large volumes with Persia through Hormuz stabilizing the global economy more than 500 years before USA came into existence.

Quick Response

At a time when Sri Lankans were struggling to strengthen their economy by preventing conflicts, eliminating corruption and reducing waste, US attack and Iranian retaliation made most global economies feel the impact due to the energy market fluctuations. Sri Lankans were fortunate to have the Quick Response (QR) system in place to manage energy issue to an extent. The USA might be feeling strong as the USD is an accepted "Reserve Currency". However, ground reality and the physical economy are fast changing. The global gold stock movements might push US to associate the lord of wisdom etc. Due to the non violent win-win approach, Chinese currency is gaining strength developing new trends pushing small nations which depend mostly on USD towards China. Those interested should study Lyndon LaRouche’s "Triple Curve" which indicates the expansion of the real economy, the growth of debt & the payment incurred on that debt (Ref. US sources). Sri Lankans known for living beyond their income for nearly eight decades may have to develop a QR attitude especially in the festive season to prevent conflicts associated with the rising cost of living.

Haal Potha (Rice Quota Book)

The QR code (quick response code) invented by Denso of Japan in the 1990s has proven to be an efficient tool to reduce waste (Ref. Denso sources). For Sri Lankans who may remember the manual QR or the “Haal potha” (Rice quota book) may have to educate the younger generations on reducing waste using new technology to save energy and money. Government extending it free for transactions under LKR 5000 should help energize the economy as world’s 2^nd largest economy China is also expecting digital economy to boost GDP more in the next 5 years. Especially in a society like Sri Lanka QR can be expanded to many sectors to make a stronger economy with minimum wastage. However, policy makers should be ready to manage conflicts & crimes which may surface with the digital transactions just the way a duplicate ‘Haal Potha’ created chaos in the early 1980s.

Lessons from China

Interested Sri Lankans need not read ancient Chinese civilization influenced by Buddhism, teachings of Confucius & Taoism. They may only observe the path of the Peoples Republic of China (PRC) established in 1949. It easier as Sri Lanka also started self governance in 1948. China’s win-win economic cooperation is its historic approach for development. Sri Lankans may see similarities between Buddhist economics & the Chinese model (Ref. Prof. Jagath Wickremasinghe). Especially at a time when US leadership is challenged using its own constitution, the Renmin University survey conducted among 16,400 people (in 41 countries) to check China’s image should be reanalyzed. 72.4% (aged 18 to 24) & 71.6% (aged 25 to 34) believed that China's path of peaceful development is vital to maintain world peace, global stability & world order. The Buddha is always associated with wisdom. Chinese economic approach reflects Buddhist ideas of selflessness, interdependence, and reverence for nature. Looking at the bigger picture, Chinese & Russian move to block the UNSC proposal on Hormuz also is a wise move to ensure fair play in conflict resolution. Therefore, working with China will be a wise move to maintain economic stability especially in this volatile situation for Sri Lankans. The Belt & Road Initiative should be the tool.

Views expressed are personal. Photo source WWW.