Aragalaya inspires new think tank ‘Institute for Political Economy’

An independent think tank, the Institute for Political Economy (IPE) has been set up to stimulate and inform debates and discussions on public policy implementation in Sri Lanka amidst a turbulent global economy. 

Its founders said IPE, inspired by the aragalaya (අරගලය/அரகலய/struggle), aspires to be a centre for progressive thought and critical analysis dedicated to rewarding work over wealth and calls for systemic change in Sri Lanka›s political economy landscape.  IPE is committed to researching and disseminating transformative economic policies and development strategies.

IPE›s core strength lies in the dedication of its volunteers, who comprise a network of academics, economists and professionals located globally.  IPE aims to promote current global debates calling for a recalibration of the global economy, away from entrenched financialised interests and is committed to seeking viable alternatives.  

There is growing recognition that entrenched vested interests, including in the Global North and in Sri Lanka, are hindering equitable and ecologically sensitive development trajectories. 

As a virtual organisation, IPE welcomes all individuals committed to exploring alternatives that shield Sri Lanka from the excesses of the current global economic order and confront contemporary development challenges head-on.

“We believe that it is essential to develop critical analyses of mainstream policies and challenge conventional thinking,” said Charith Gunawardena, who co-founded IPE, along with Kanchana N. Ruwanpura and Kanishka Goonewardena, both professors at their respective institutions. 

“Our collective aspiration is to foster an environment that encourages collaboration, draws on expertise from around the world, and advocates for transformative system change.  By acknowledging existing inequities, we can collectively shift economic processes towards a progressive, egalitarian, and democratic direction,” said Gunawardena.

Key objectives of the Institute for Political Economy (IPE) include:

Providing a Platform for Progressive Dialogue: Serves as an independent platform where progressive policies and ideas can be freely discussed, debated and exchanged.

Highlighting Global Economic Imperfections: Highlighting the prevailing imperfections of the global economic model and raising awareness about its adverse effects on societies worldwide.

Informing and Supporting Stakeholders: Inform and support policymakers, the public, businesses, and civil society about economic issues and alternative policy solutions.

Encouraging Public Debate and Exchange of Ideas: Foster a culture of open debate and idea exchange among various stakeholders.

Monitoring Policy Effects: Monitor and evaluate the impact of policies and government programs.

Collaboration with International Organisations: Recognise the importance of global cooperation and seek to align with international organisations that share its vision for equitable economic development.

 

As IPE embarks on its journey towards proposing transformative economic policies, it invites stakeholders from all sectors to join hands in this critical endeavour. By combining diverse expertise and perspectives, IPE aims to create a powerful force for positive change in the country.

Paris School of Economics (part of Ecole Normal, Sorbonne-Paris 1) Finance for Development Lab Director of Research Economist Ishac Diwan who also serves as an advisory board member of the IPE said:  “Congrats on putting this think tank together.  All of you have done admirable work already and comes at a critical time to carry forward work that promotes alternative models on the debt crisis and the global economy.  I am happy to be part of the advisory board for IPE (Institute of Political Economy) and look forward to working with everyone.” 

IPE’s public engagement around the debt crisis and seeking just solutions for it, continues with a Newsfirst, Sri Lanka (People’s Platform) television program on the topic “IMF: Beyond ticking the boxes” which was aired on 26 September 2023.  It included Professor Jayati Ghosh (Professor of Economics at the University of Massachusetts-Amherst, USA), who is also on the IPE Advisory Board.  This program is one in a series of public engagements that a loose collective for debt justice began, which IPE hopes to continue.  These initiatives involved collaboration with the Research Intelligence Unit (RIU), Verite, and multiple television panels (including the People’s Platform), which included interviews with Professors Jayati Ghosh, Ishac Diwan, Guy Standing, Yanis Varoufakis, Radhika Balakrishnan, Muthucumaraswamy Sornarajah.  IPE plans to continue these public engagements. More information: www.ipe-sl.org.