A New Model towards Sustainable Socio-Economic and Political Stability: Case Study Based on the Experience of Sri Lanka

The concepts of economic growth, development and sustainable development in the contemporary world are subjected to criticism mainly because of the problems and issues being faced by both developed and developing countries. The rapid development efforts of both developed and developing countries have also generated global environmental problems and natural and manmade disasters with serious threats to the existence of the globe and the survival of its biological beings. Therefore, redefining the concepts of economic growth and development is a common interest of both professional and academic communities in the contemporary world. Assuming sustainable socio-economic development and political stability as a replacement for sustainable development, this paper discusses the historical transformation of Sri Lanka, against its socio-economic and political problems and prospects with a focus on developing a new model for sustainable socio-economic and political stability. The study based on interpretivism uses qualitative research methods in dealing with the research questions of the chosen problem. In studying the socio-economic and political transformation of Sri Lanka, the institutional logics perspective and cosmopolitanism perspective of historiography are used as the guiding principles. Through the historical analysis of centuries of foreign invasions and dominations over the life of local inhabitants of the island, the study attempts to trace the root causes that have led to the present plight of the people of the island nation, the large majority of whom are living in the marginalized rural/peasant communities. On the basis of the findings, the study develops an alternative model for sustainable socio-economic and political stability in a combination of principles of the pristine Buddha dhamma that targets emancipation from eternal suffering with the principles of Marxist ideology that targets equality and equanimity through a classless society.