By Professor Samitha Hettige
In the early 1980s, many individuals in the West found it entertaining to witness Iraq’s Saddam Hussein engage in conflict with Iran, as they supported him during the first Gulf War. This alignment may have been influenced by the Iranians’ efforts to reverse the ‘White Revolution,’ a movement that privatized Iran’s nationalized oil industry. However, when Saddam invaded Kuwait, his allies turned against him and ultimately led to his downfall, despite the absence of weapons of mass destruction (a consequence of the second Gulf War). Nearly four decades later, the United States, which had originally orchestrated the ‘White Revolution’ in Iran, initiated military action against the country, resulting in unforeseen circumstances in the strategically significant Strait of Hormuz, often referred to as the ‘Kingdom of Dates.’ Historically, Hormuz has been a vital trade hub within the Persian Empire, facilitating extensive commerce between ancient China and Persia, thereby contributing to global economic stability long before the emergence of the United States.
As Sri Lankans navigate challenges to bolster their economy by addressing issues like conflict, corruption, and waste, the U.S. military actions and Iranian responses have reverberated across global markets, particularly affecting energy prices. Fortunately, Sri Lanka has implemented a Quick Response (QR) system that has helped manage energy concerns to some degree. While the U.S. may feel empowered due to the global acceptance of the U.S. dollar as a ‘Reserve Currency,’ the realities on the ground are shifting rapidly. The movement of gold stocks could compel the U.S. to reconsider its economic strategies. Meanwhile, the Chinese yuan is gaining traction, spurred by a non-violent, mutually beneficial approach, which is attracting smaller nations reliant on the dollar towards China. Those interested in this shift should explore Lyndon LaRouche’s ‘Triple Curve’ theory, which illustrates the expansion of the real economy in relation to growing debt and associated payments. For Sri Lankans, known for living beyond their means for decades, adopting a QR mindset—especially during festive periods—may be necessary to mitigate tensions stemming from the rising cost of living.
The QR code, developed by Japan’s Denso in the 1990s, has emerged as a vital tool for minimizing waste. Many Sri Lankans may recall the traditional QR system, known as ‘Haal Potha’ or the Rice Quota Book, and now have the opportunity to teach younger generations about efficient resource management through contemporary technology. The government’s decision to provide QR transactions free of charge for amounts under LKR 5,000 is expected to stimulate the economy, particularly as China, the world’s second-largest economy, anticipates a boost in GDP from its digital economy over the next five years. The QR system could be expanded to various sectors in Sri Lanka, fostering a more resilient economy with reduced waste. However, policymakers must be prepared to address potential conflicts and criminal activities that may arise from digital transactions, reminiscent of the chaos caused by counterfeit ‘Haal Potha’ in the early 1980s.
Sri Lankans interested in learning from history need not delve deeply into ancient Chinese civilization influenced by Buddhism, Confucianism, and Taoism; instead, they can observe the path taken by the People’s Republic of China (PRC), established in 1949. This is particularly relevant as Sri Lanka also embarked on self-governance in 1948. China’s historic approach to development emphasizes win-win economic cooperation, which bears resemblance to Buddhist economic principles, as noted by Professor Jagath Wickremasinghe. In light of challenges to U.S. leadership, a recent survey conducted by Renmin University, involving 16,400 participants from 41 countries, should prompt a reevaluation of China’s global image. The survey revealed that 72.4% of respondents aged 18 to 24 and 71.6% of those aged 25 to 34 believe that China’s peaceful development is crucial for world peace, stability, and order. The Buddha is often linked to wisdom, and China’s economic strategies reflect Buddhist tenets of selflessness, interdependence, and respect for nature. In a broader context, the collaboration between China and Russia to block a UNSC proposal concerning Hormuz exemplifies a wise approach to conflict resolution. Thus, engaging with China could be a prudent strategy for Sri Lanka to sustain economic stability in these turbulent times, with the Belt and Road Initiative serving as a potential avenue for collaboration.
The views expressed herein are solely those of the author. Photo source: WWW.
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