Word: sri
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...Sri Lanka gets teed off at socialist controls
Around the world, the siren song of socialism appears to be losing its lure. Countries as diverse as Britain and France, Peru and Algeria are moving away from the creed of nationalization and toward freer market economics. None has shifted quite so far, so quickly, as Sri Lanka, the verdant island nation off the coast of India that the world still knows as Ceylon. Reports TIME Correspondent Ross H. Munro...
...Sri Lanka is awakening from a long socialist slumber. The severe shortages of such necessities as cloth, soap and matches that bedeviled consumers just two years ago have disappeared. Sarong-clad peasants fire bricks in newly made kilns alongside their coconut groves and paddyfields. The hotels are overbooked with foreign businessmen eager to add to the growing flood of investment from overseas. Since it overwhelmed the leftist regime of Mrs. Srimavo Bandaranaike in the 1977 national elections, the government of President Junius Jayawardene has been chipping away at one of the most complicated and burdensome combinations of restrictive regulation...
...government has reduced the free and subsidized rice and flour distributions that ate up more than 30% of the previous regime's annual budget. Foreign investment is now running at about $40 million a year, 13 times the level seen in the last year of the former government. Sri Lanka, in short, is experiencing creeping capitalism. Says Jayawardene, a lawyer: "The developing world is now giving up controls. Not only us. They've found it does...
Since UNCTAD last met in Kenya three years ago, several Latin American governments as well as Sri Lanka, India and others have moved toward more reliance on free market economics. A resolution calling for the industrialized nations to cancel or suspend debts of the LDCs was quietly suppressed by some of the capitalistic advanced-developing countries. Although the U.S. had already written off $500 million in debts owed by 15 of the poorest nations, ADCs like South Korea, Singapore and Brazil have feared that any further write-off would make them appear to be poor credit risks and that international...