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A History of Underdevelopment and Political Economy of Inflation in Sri Lanka

With an Outline of Nationalisms

  • Book
  • © 2020

Overview

Authors:
  1. Dhanusha Gihan Pathirana

    1. Senior Economic Analyst, Asia Capital PLC, Colombo, Sri Lanka

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  2. Chandana Aluthge

    1. University of Colombo, Colombo, Sri Lanka

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  • Applies Marxist theory of mode of production to understand inflation in an underdeveloped economy
  • Questions the validity of Monetarism which is currently the accepted mode of thinking in explaining causes of inflation
  • Portrays unique characteristics of the peasant sector in Sri Lanka that contributes to inflation

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Table of contents (7 chapters)

  1. Front Matter

    Pages i-xxi
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  2. An Introduction to the Critique of Theories of Inflation in the Context of Underdevelopment

    • Dhanusha Gihan Pathirana, Chandana Aluthge
    Pages 1-33

  3. Towards a Theory of Inflation in Underdeveloped Economies

    • Dhanusha Gihan Pathirana, Chandana Aluthge
    Pages 35-84

  4. Plantations and the Rise of Merchant Cum Usurer Class during the British Rule in Sri Lanka

    • Dhanusha Gihan Pathirana, Chandana Aluthge
    Pages 85-118

  5. Modelling Inflation in the Context of Underdevelopment

    • Dhanusha Gihan Pathirana, Chandana Aluthge
    Pages 119-130

  6. Discussion of Socio-Economic and Statistical Results

    • Dhanusha Gihan Pathirana, Chandana Aluthge
    Pages 131-162

  7. Facets of Economic Control in the West and Northeast Asia: Implications to Sri Lanka

    • Dhanusha Gihan Pathirana, Chandana Aluthge
    Pages 163-176

  8. Political Economy of Nationalisms and Sri Lanka’s Left-Wing Politics: An Outline

    • Dhanusha Gihan Pathirana, Chandana Aluthge
    Pages 177-230

  9. Back Matter

    Pages 231-235
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Keywords

About this book

The book provides a new conceptualisation of inflation in underdeveloped economies, through Sri Lanka’s historical experience. It outlines a general theory of nationalisms in their diverse manifestations across the world, within a historical perspective of capitalist development and underdevelopment. The book, therefore, seeks to capture the production mode holistically, within both its infrastructural and superstructural levels probing their interactions. The theoretical structure through which inflation is analysed synthesises the theory of unproductive labour and Marxian theory of prices of production with labour surplus theory of late Dr. S. B. D. De Silva in the context of underdevelopment. In this light, Professor David Laibman’s Allocation Problem is resolved within a Marxist framework to provide an operational significance to the theory and its application.  In the same vein the book also provides a new theoretical interpretation of Sri Lanka’s historical development fromthe British period onwards through application of theories of capitalist development and surplus labour.

Reviews

“The volume is a most original and pioneering application of the synthesis of theories derived from the contributions of past and present economists to an empirical study of inflation in Sri Lanka. It is a compelling case study of how drawing on the elements of past and present writings may be made into illuminating theoretical narratives to apply to historical episodes in individual societies. The volume shows the value of how understanding past theories in their original contexts may be used with or without modification to make sense of happenings in our times.” (Geoff Harcourt, Emeritus Reader in The History of Economic Theory, Cambridge, 1998; Emeritus Fellow, Jesus College, 1998; Professor Emeritus, Adelaide, 1988; Visiting Professorial Fellow, UNSW Australia, 2010–2016; Honorary Professor, UNSW Australia, 2016–2022)

 

Authors and Affiliations

  • Senior Economic Analyst, Asia Capital PLC, Colombo, Sri Lanka

    Dhanusha Gihan Pathirana

  • University of Colombo, Colombo, Sri Lanka

    Chandana Aluthge

About the authors

Dhanusha Gihan Pathirana has been an Economist for nearly 10 years at Asia Capital PLC, Sri Lanka, a multinational investment bank operating within the Asian region based in Sri Lanka.

Dr. Chandana Aluthge has 24 years of experience as a Lecturer in Economics at the University of Colombo, Sri Lanka and is currently a Senior Lecturer in Economics at the university. He published a number of journal articles and presented papers on issues pertaining to Finance and Economic Development in Sri Lanka. He holds a PhD in Economics from Free University Amsterdam, Netherlands.

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