Chapter 03 | Through Eminent Eyes: A 50-Year Retrospective as a Background to Globalisation

Dr Sarath discusses the historical impact of a group of eminent economists on Sri Lanka’s economic policy during the late 1950s. Dhananath and Sarath review the contributions of seven international experts invited to evaluate Sri Lanka’s economy under Prime Minister W. D. Bandaranaike. The group was coordinated by Gamini Corea, then Director of the Planning Commission, following a suggestion from Indian Prime Minister Jawaharlal Nehru. The key members included: Nicholas Kaldor: Provided expertise on taxation and income tax structures. John Hicks and Usha Hicks: Focused on macroeconomics and public finance. Gunnar Myrdal: A sociologist who studied poverty and policy in developing nations. Joan Robinson: An economic theorist who advocated for the nationalisation of financial institutions but cautioned against seizing estates without compensation. Oscar Lange: An expert on planning who emphasised balanced growth across sectors. Kenneth Galbraith: Focused on global development programmes.