By Lionel Bopage –
Dr. Lionel Bopage
Sri Lanka is already deeply enmeshed with a crony economic system. As a consequence, businesses thrive not by managing risks, but by returns accumulated through nexus between the business and political classes. This is often achieved by state intervention rather than competition. The state exercises monopolist control over resources and money, that is made mostly through profiteering arrangements such as rent seeking. Entrepreneurship becomes stifled with hardly any value-adding taking place. This situation has spilled over into government, the politics, and the media distorting and crippling the economy. Society is affected to such an extent that benefits of most services provided to the general public disappear into the pockets of the corrupt.