Abstract
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Highlights
The concept of a social market economy (SME) came to play a significant role in Sri Lankan development discourse when it was revealed in late-2014 at the height of the presidential election, that the new government under Maithreepala Sirisena and- Ranil Wickramasinghe would follow the SME model in articulating its economic policies: likely the first time such an idea had surfaced in a Sri Lankan election campaign
According to the Prime Minister, it will give priority to improving the economy such that more youth may be employed and the incomes of people may increase within a period of 60 months
He states that the major objective is to create a new society and a competitive economy as well as to safeguard the equal rights of the people, for which purpose the support of the entire Parliament is needed (ColomboPage, 2015)
Summary
The concept of a social market economy (SME) came to play a significant role in Sri Lankan development discourse when it was revealed in late-2014 at the height of the presidential election, that the new government under Maithreepala Sirisena and- Ranil Wickramasinghe would follow the SME model in articulating its economic policies: likely the first time such an idea had surfaced in a Sri Lankan election campaign. Karu Jayasuriya, the Speaker of Parliament, stated at the time that an SME would contribute to achieving the fivefold development strategy suggested by Prime Minister Ranil Wickramasinghe, so that it would uplift the economic standards of the people and create an equitable society (Sri Lanka putting together Social Market Economy Model, 2015). The plan will address the improvement of people's general welfare and infrastructure facilities He states that the major objective is to create a new society and a competitive economy as well as to safeguard the equal rights of the people, for which purpose the support of the entire Parliament is needed (ColomboPage, 2015). Speaking at the event in which the five-point plan to develop the country in 60 months was unveiled, the Prime Minister said the United National Front for Good Governance (UNFGG) government will create a social market economy where the environment and the social security of the people is protected while encouraging competition. The main objectives are to (1) identify the social market economy, (2)discover if it is still implemented and if so, in which countries it is implemented, (3) recognise if it suits a developing country like Sri Lanka and (4) Identify if it can be practiced in the future
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