Abstract
This study attempts to examine Sri Lanka’s macroeconomic evolutions which could be potentially harmful to national economic sovereignty. The study was based on time series secondary data for the time period spanning from 1970 to 2016. The operational methodology adopted is a descriptive statistical trend analysis on macroeconomic variables such as Gross Domestic Product (GDP), Gross National Income (GNI), Net Factor Income from Abroad (NFIFA), Exports, Imports, Current Account Balance and Foreign Debt. The findings of the study revealed that the adverse Trade Balance ever since the liberalisation of the Sri Lankan economy in 1978 has been behind much of the ill-effects resulting in heavy foreign indebtedness. Growing factor payments abroad as a ratio of GDP provides suggestive evidence of gradual weakening of national ownership of the Sri Lankan economy. The findings of the study indicate that the solution for such malaise possibly exists in policies anchored outside the hitherto adopted mainstream economic doctrine.
Highlights
The relative magnitude of the citizen’s ownership of an economy could be a reflection of the economic sovereignty of a nation
Greater the sovereignty of a nation, the greater the ascendancy to conjoin the political reign and cultural roots to establish a country’s identity in the world (Pick, 2011). It is in this paradigm that comparative economic development of low and middle-income nations may be analysed, where most such countries appear losing national ownership of their economy with the dawning of neoliberalism empowered by its prime agenda, namely the economic openness
Having adopted a qualitative approach supported by a review of literature in this domain, the study could bestow little support to the view of globalisation as an exogenous force that has undermined domestic economic sovereignty of nations
Summary
The relative magnitude of the citizen’s ownership of an economy could be a reflection of the economic sovereignty of a nation. Greater the sovereignty of a nation, the greater the ascendancy to conjoin the political reign and cultural roots to establish a country’s identity in the world (Pick, 2011). It is in this paradigm that comparative economic development of low and middle-income nations may be analysed, where most such countries appear losing national ownership of their economy with the dawning of neoliberalism empowered by its prime agenda, namely the economic openness. Amidst expanding economic openness, upholding national economic sovereignty, a multiplex terminology itself, becomes a pertinent question
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