authoritarianism and a new liberalism combined to push relock to all the financial and economic please. could you elaborate on that? you know, when the current crisis is partly caused by the global high extent fuel prices and commodity prices and especially to make kind of disruption, has been dependent on tourism has led to a fall in foreign reserves. the real issue is much longer silica was the 1st country in south asia to liberalize since economy back in 1977. when the giant was in a government at that time took 3 away from the number line went to the orbit of the united states. and with the support of my structural organizations, structural adjustment, fittest on the new liberal talk with tread liberalization and financial liberalization. leading us to become more dependent on international markets. but

those reforms could not be sustained because of as long civil war. that was started in 1983 lasting 26 years. so it is really with the end of the civil war in 2009. that what i have characterized as a 2nd wave of some when the mind, the raj bucks the government at the time, which had won the war with a very authoritarian, militarized ford decided to take your liberal policies forward. so they've been borrowed extensively in the international capital markets in particular and invested in infrastructure and tourism. but there are no returns from those investments. and it is dos foreign debt in the form of sovereign warnings over the last 13 years that has led to a debt crisis. and now this for bloom,

economic crisis in trade. as you mentioned, many sherlock and putting the blame for the current crisis on the roger packs that but even the multitude of factors that you just mentioned, do you think it's fair to make them the only ones responsible and perhaps a secondary question to that given how many roger packs of family members, there are empowering. do you think, dan, this number to babe? well for them, because they should be, they can be oblivious to how the public would react to so many family members being empowered. why do you think the president found the needs appoint or have so many of his relatives in the positions of power? in the way it is, the arrogance of power. they have been in power from 2005 to 2015. and after they won the war, they talk invincible. and they decided to bring more and more family members in. and they taught with a combination of single,

a buddhist nationalism and militarization. and this kind of financial is ation that they could be in power for a while. now. more recently been they again came back to power in 2019. soon after that the panoramic hit us and it was obvious to many of us that we were headed towards an economic crisis. but they did very little to address it. in fact, they continue with the same policies and try to just keep down a political cronies. happy and, and that is why they so much and go against them even though this is a historic crisis. this is going to be long drawn out. and even if a government changes is going to be very difficult to address this crisis, they did very little. and completely mismanage the economy so much of the public anger at the moment at least is against them. it's very interesting to contrast what's happening and sure, lanka, to you in the recent elections in the philippines where, you know,

i know just one but to a political dynasty remained or return to power. and many experts attribute to the weakness of political parties in the philippines and which gives political families, political clans, more authority, more power, sort of, they become a sort of political brands. i wonder, what's the dynamic intra lanka? how does it work there? do what we have seen over the last 56 years is actually a lot of change in political parties. the though what's called the grand old party here, the united national party to home, the british handed over power in 1948, has been reduced to just one seat in parliament in the last elections. and in fact, that leader of the party who even lost his seat, has been appointed as prime minister a month ago by this very diligent miced,

president of roger boxes in turn. 4 years ago launched the our own party, the s o p p. breaking away from another age old party, the silica freedom. ok. this constant changes going on in the, in the political around. i see that as linked to the economic unraveling. that has also been wrong in the making. of course, the focus on very recent events, but economically and politically, she longer has been going through change. but all of those have been coming into a major crisis that has erupted. but i also think is going to be a long drawn out crisis, where it's going to take years for us to gain economic and political stability. and in the years ahead, you might see other nationals forces into the realm. so it can be also a very dangerous period going forward. now as a dramatic us,

this situation is in asheville and we are also observing similar trends in many other countries around the world. the prices of food, the process of fuel arising pretty much everywhere, even in the developed countries. i wonder how much that has the state of the global economy influence what's going on in the country wants the share. busy of the globalized influence on the domestic affairs there. historically, you know, an island nation like because we have always been influenced by historical developments. you know that the great depression of the 1930s, and i'm actually characterizing the economic crisis in sri lanka now as another depression. and the great depression led to policy in sri lanka, of free education, free health care food subsidies. and to this day, some of that survived, i teach at university all university, since we like our state universities and we have free education up to university. and so the great depression, even though it was a global phenomena,

ended up creating a welfare state in sri lanka. similarly, the crisis of the 1970s, ma'am, you would know that you know, global oil prices quadrupled winter or pick oil shock in the 19 seventy's a global downturn. and sheila was one of the 1st countries, maybe after chileya under the, you know, after the military coup and fascist rule of canal sheet that turn to no liberal reforms. so similarly, i see the current crisis in sri lanka as the continuation of the global financial crisis of 2008, which really hasn't been resolved yet, only been trying to financial eyes and, and bubble up high economy. and, and what i see as perhaps the crisis of neoliberalism hitting sri lanka 1st. so i don't think the usual solution is going to work. they're going to have to drastically change direction of the art tomorrow. but this crisis and daughter can

you remember whenever we talk about the crisis in the global economy, it's always hard to understand where to start and where to finish. some i economists and blame it on the very nature of capitalism. others, i explain it more narrowly by the consequences of the common pandemic and the disruption in production change. wonder, where do you stand on? that as far as the global economic mass is concerned, what are the antecedents there? you know, as i mentioned, the 19th thirty's, the 19 seventy's, and capitalism periodically goes through these crises because it are on, on the profit motive. and so this is for me, very much a capitalist crisis, but be also in this latest phase of capitalism called neoliberalism. we have seen repeated crises. so we've seen crisis in latin america in the 1980s.

that station crises of 199798, even the crisis in russia in the 1990 s. and then of course, it hit the western world until it hit the western world. we were told that it's only crony capitalism that leads to crises. but they didn't talk about 20 capitalism that became the global financial crisis of 2008. so it's not about trone capitalism. it is something inherent to capitalism. and this is what i think we are seeing happen now. so this and so that the crises have become more deeper and more frequent. now, but this time i see it as actually a crisis of northern burleson itself, that to be able to continue with accumulation through dispossession. ref, finance, capital has been able to continue to accumulate at the cost of working people all around the world. and the 3rd world in particular has been really hit hard by it

affects people's daily lives, as we have seen in sri lanka, and even in sri lanka, since the 19 seventy's inequality has been greatly rising. and part of the anger out on the street is also reflecting those dynamics of liberalism. both. don't secondary come or we have to take a short break now, but we will get back in just a few moments. ah ah ah, since the bank away of the donates people's republic was been raging and don't boss ukrainian artillery it's been shelling civilian townsend, mining village. is that your more lovely deal

with what i grew up with new school with a deal about one of the sub develop as of all of the 3 of the little boys will give us bullet one ah moved to no one. no, sir, no, no, no, no, no, no. what door was real to what they should end up unit 73. 1 was a unique organization. in the history of the world. what they were trying to do was to simply do nothing short. then build the most powerful and most deadly biological weapons program that the world had ever known.

and we'll go, you know, to production issue or sure, doug did that. they're not killed when you saw new rochelle. he one more mom, you know, margaret thought this is meant nguyen from all one up on there and i got the owner myself. i got your name. i understood. i wish to know about joy. oh no. i know you didn't or guzzle more or less enough, jr. let's i had to put on with their mother and all our buddy bill. can you come up? i thought i was nice. oh boy, that's good to go on. what on this the wow, she my and new other. i'm all, i can send more or 7 more good student i don't the year you'll not at all put them

out that they give us a look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings, except where such order that conflict with the 1st law show your identification. we should be very careful about our personal intelligence at that point, obviously is to race trust, rather than a, with artificial intelligence real. summoning obama protect its own existence with ah

welcome back to well, the part that i feel i'm going to come are political economists in senior lecture at the university of joshua. dr. could you come our before the break, we were discussing the origin of the landing process as well as of the global economic crisis. and while it's natural, anything logical to blame it on the sitting government? i wonder if there are any internationally accepted economic dogmas that various governments feel obliged to comply with, but that simply don't work anymore is the global economy or national economies still function according to the laws and rules that i taught at the department of economics? no, i think we've seen that the dates, economics, departments, in my country all in much of the world. we are unable to either predict all provide

viable solutions and ways forward to the economic crises that you're seeing. in fact, they believe that markets clear markets themselves can solve these problems. and that ideology is also behind the policies that are recommended and put forward and forced given on many good low countries by thanks national monetary fund and the world bank and no liberal institutions. so, but they seem to have very little disregard for the real abject human suffering that is caused by those policies. so this is a global phenomena. i think sri lanka is one of the 1st countries in this wave to even default on its international debt to go to a severe crisis. the sri lankan elite, i'm looking for the i am asked to solve this problem. and sheila, guys in

a desperate situation now, you know, you have to go around to the big bowl to any country that will give us credit lines or any institution that will give us a credit line to vote. essentials that don't have to say, i'm sorry for interrupting it's one thing when you turn to your neighbors, who may or may not give you some support in the times of mean, but if i'm not mistaken salon, went to the i'm a 16 times over the last 12 or 13 years, you've been boring, a huge amount of money, a very significant interest rate than from what i've seen, even the opposition at this point of time. well, they're calling for the resignation of the current government. they're still insisting on pretty much repeating the same economic policy. so is that going to bring a different result? i don't think so. and, and, and not in the medium term for sure. because since 1965,

as you mentioned young has gone to 69 with agreements more recently after the war in 2009, they went into one and then in 2016 after change of gone, every government has used the same approach. and going to the i'm if only allowed us to borrow more and higher interest rate. so pushing us further into debt. so the only bubbles us up for a few years and in the collapse into the debt trap. so that's obviously not the solution. but this has become the global approach to solve the problems of debt ridden countries around the world. and it's not just sri lanka this time. i think a number of other countries are likely to default or get into a similar kind of problem already be can see pakistan is is in a crisis and their policy economy in terms of south asia is on shaky ground. so the need an alternate different direction and during these kinds of global crises,

and it can be very painful in terms of how that change happens. there is also a change in the global or did i mention the great depression on the 1900 per piece . and out of that of course now does the rise of fascism a 2nd. ready role and huge changes before the global order changed to a kind of a keynesian approach of social welfare states. again, the 1970s, a time of many proxy laws around the world. and in a change, a consolidation of a newly bro project with finance capital rising up. so this might again be a time. and the worry is that these kinds of great crises as the, as the great part of on him, his jaw audiology has mentioned lead to great unraveling. this can also be have

serious political and economic consequences. and that can also lead to huge market destruction. and it's, it's a worry for all of us. i think we want a peaceful work. became a potential alternative for sri lanka, if i'm not mistaken. india has extended almost $3000000000.00 to your country in credit lines and various other instruments since january this year. that's a huge amount of money. it's more than the united states or china have offered you . could that potentially be an alternative to the i'm f ruth? well, i think india has itself is saying that it has reached its limits of providing a credit line. so she like needs to get credit from various actors, but also needs to create its own system. in the short term, we have no option, but we need to prioritize our info. it's been been living well beyond our needs and

been importing luxury items. and even today that is continuing that, you know, small ways we need to prioritize our system. we need to create a public distribution system where the state takes responsibility during such a severe crisis. but even now i really think that the market should address it. and the i m f. recommendations also for the market to fix this problem. now some analysts think they're going to die and that would bring about international credibility that she can again, gwen borrow in international markets. i think that's far fetched. they can see global interest rates rising and a little appetite for global capital to coming to a country like she like are particularly after it has defaulted. so i'm seeing sri lanka sort of muddle along, chug along into a long, drawn out a crisis. but that clarity is in there with id to our,

our policy makers. ultimately, she'll arkansas to make a decision on what kind of an economy be want to build. and do we want to continue to be dependent on certain international actors? or do we want to chalk pot? and i also want to mention it maybe they are presumptuous as me, but i think russia provides a good example of being able to when it's out of the i'm a financing at the time when it was really, really desperate after the collapse of the soviet union we had huge that we were paying huge interest rates, but over time we've been able to become more self sufficient. which leads me to my next question and one of the features of the current crisis is the shortage of sla foreign exchange occur occurrences that last you are unable to import. and i'm talking not only about luxury items that you mentioned, but also madison. i know the trunk has been experiencing difficulties without electricity as painful as this experience may be if don't you think that's also a good argument for self sufficiency. actually building an industry and half

economy to, to live with in your own means. absolutely. in fact, i, last year a colleague of mine and i published a paper in the international quantity of asian studies that they were looking at the long $960.00 is in many asian countries. now emphasis was on self sufficiency. we were headed into that kind of an experiment in 1970 bill before we switched to a sort of a neo liberal direction and so sufficiency, industrial policy. these all became bad tons of bad concepts for a new live, ultra. but i think we need to think about self sufficiency and we need to think about our own sort of aggregate question and hold it when you become self sufficient food. in particular, you're going through a food crisis and to story start on manufacturing. so that has to be a long term direction. now, of course, feedback also has its limitations. you mentioned russia 19 ninety's,

even militia during the 1997 crisis did not go from i'm as agreement. but i think malaysia, russia have much more natural resources than a country like sri lanka. we don't have all dresses as for example. so b, b, v are dependent in the international a global economy. but we have to set it on our own terms. and we really have to think about our own social structure, the importance of equality and freedom within our country. be to be able to chuck that. i think i'm to let you chose our visionary leaders. maybe in a different age, 19 forties, fifties and sixties, talk in that direction. but now we have, what i would characterize as a comparable elite will become very much more dependent on the west. and don't think in those terms now are changing years a little bit. i want to bring some of my professional experience i, in the past i covered a lot of as spring uprisings. and when i look at what's happening on the streets in

felucca right now, i feel it this feeling of deja hello. people taking to the streets, demanding more dignity, demanding more freedom, demanding more accountability from their governments. and when i saw that happening in cairo in damascus, in tripling 8, it had a good feeling to, and people on those trees always thought that you know, things could possibly get worse. and we have history unfortunately proved that the, that it could get for us. now i know the tra lanka had a very painful experience of civil strife. you went through the kids long, civil war, aren't you afraid of its return? because it all starts with the rallies and some i think some of the rallies introlatta have already been militarized. aren't you afraid of disintegrating into something far more precarious and dangerous? yeah, she lanka, you know, vince was to the wrong name in the northeast in, in, in,

in jeff now that i peach that was the, the stronghold of the tamil tigers in the civil war. started. but there were also 2 large insurrections in the south by singly soviet humped that history. but at the same time, the current protests, even though on, on one day when peaceful protest is attacked by government boons, it didn't turn violent in reprisals. for the most part, it has been peaceful and we don't have any kind of a movement taking it in a violent direction. but my worry is that right now, even these forecasts have been much more inclusive of minorities and so on. but if there isn't a solution provided, if i'm, if conditionality is lead to further suffering, maybe 2 years down the line, there's a danger that another, a nationalist, fascist type of ridging could try to capture people's grievances. and that could

again terror part of society. so not maybe immediately, but if they don't address this problems now, she longer has a history of the pendulum swinging politically from one direction to the other. so if you really have to use this moment very carefully to put sri lanka on a sustainable park, well 1st to address the food crisis and immediate needs of the people and then the unemployment, the loss of likelihood so that people feet not begin to have confidence in the economy and for all of that, you need a new leadership, benita, new leadership from the ground up. and it's going to be, it's gonna take time in greece last almost a decade with its economic crisis. i think there were something like 7 by mr. changes that happened in that decade in the 20 tense be might be also looking at something like back and she liked over the next few years. well, just look at your grammar. as you mentioned, show i'm has to be, i am old. the pioneer is in contracting the crises. i certainly hope that you will

also be a little bit versed in finding the solution. wish you all the best to you and your people. thank you for having me and thank you for happens in the box. and thank you for watching hope to hear again apart a with mm ah a well joe, my double alex, she's just gonna be on the left in columbia. nobody but i just bought a taco level that he thought young real name is logical. who's

a lot of college cool with which yeah, it is. public your theater be normally a big enough feel over the phone make it look like to put him with a below that season. now she did the way with it the way it was they just had, like, i don't, i don't bus a deal. this would have happened if nato has vida didn't push this agenda, this war? was that because i'm here this week, boston on a new to what about a, a good be a little bit with his is put is okay. are you still in the field with, with

a notion dumbly you initially restock and just look up from well, um, normally a muscle is around noon g. kitty doesn't being in the green shield on a nice to me as possible. mama cook got goose creek to somebody to look at that. i put his ashy of a dc. wanted with one to move 3 instead of cool position with you, but not, but the key for the genome. i'm in that order for phones to ride something. yeah.

that had one week out that what did i see with that? ah, is one of the most beautiful cities in russia's far east? ah, it sits on the river that runs are known to russia, china buddha. it was for many years the far eastern capital. ah, there is no shortage of historical sites here. the officers club is one of them. this is where in december 19, 49 and 12 members of.