Ranil’s Theravada Alignment:

The Ranil’s manifesto claims that Sri Lanka became the “granary of the East” by adhering to Theravada economic policies, yet it does not explicitly define these policies. Instead, it contradicts this assertion by pointing out that Vietnam, a Mahayana Buddhist nation, followed Thailand’s lead. Despite Thailand’s traditional association with Theravada Buddhism, it adopted policies that resemble those of Mahayana-influenced countries like Japan. These policies, particularly in the tourism sector, introduced revolutionary changes that seem contrary to Theravada principles, further complicating the argument.

He also emphasized the relevance of Theravada Buddhism in addressing the challenges of a rapidly evolving world, driven by science and technology. Speaking virtually at the State Vesak Ceremony at Dharmaraja Piriven Viharaya, in Matale, on the 23 May 2024, he highlighted the need to preserve the core values of Theravada Buddhism and share its wisdom globally.

Buddhism, beyond its spiritual teachings, has deeply influenced socio-economic life across Asia. Theravada and Mahayana, the two main branches of Buddhism, offer contrasting views not only on religious practice but also on economic principles. Both schools emphasize ethical behaviour, compassion, and non-attachment to material possessions. However, their divergent philosophical outlooks lead to varying interpretations of economic activity, wealth accumulation, and societal roles.

Foundations of Economic Thought in Buddhism

The core teachings of Buddhism focus on the Middle Path, a balance between indulgence and asceticism, with the ultimate goal of reducing suffering (dukkha). These teachings shape both Theravada and Mahayana views on wealth and economics. Central to this framework is the Buddhist view of interdependence and the moral consequences of actions (karma). Economic activities, according to Buddhism, should align with ethical principles that promote collective well-being rather than personal greed.

Ranil cites the Samaññaphala Sutta to assert that in Theravada tradition, loans should be used for investments, not consumption. However, I could not find such a claim in the Samaññaphala Sutta (Fruits of the Contemplative Life, translated by Thanissaro Bhikkhu). Instead, according to the Singalovada Sutta, the Buddha taught that one should allocate only a quarter of their income for consumption, reinvest half of it to accumulate wealth, and reserve the remaining quarter for charity. Moreover, the Buddha emphasized, irrespective of Theravada or Mahayana, that failing to repay debts is a characteristic of an outcast (Wasalaya). This suggests that loans should be used for generating income to ensure repayment, rather than for daily consumption.

Theravada Economic Concepts

Theravada Buddhism, often regarded as more conservative and focused on individual liberation, emphasises personal responsibility in the accumulation and use of wealth. It is dominant in countries like Sri Lanka, Thailand, Myanmar, and Cambodia, where economic behaviours often reflect the ethical values promoted by the teachings.

However, Ranil claims that Theravada economic policies are more export-oriented, but in reality, countries following Mahayana principles have been more successful in establishing export-driven economies. These Mahayana-influenced nations, such as Japan and China, have achieved greater success in building robust export-oriented systems compared to traditionally Theravada countries.

In Theravada Buddhism, the goal of life is personal enlightenment (Nirvana), and material wealth is seen as a potential obstacle if it leads to attachment. While wealth is not condemned, its mindful use is emphasized. Individuals are encouraged to follow “right livelihood,” engaging in ethical professions that do not harm others. Wealth is valued when used for virtuous purposes, such as supporting family, charity, and religious institutions. Generosity (Dana) is a key practice, believed to purify the mind and aid spiritual growth. Theravada also promotes social stability through wealth distribution, with the laity supporting the monastic community in exchange for spiritual guidance, fostering economic interdependence without excess materialism.

Mahayana Economic Concepts

Mahayana Buddhism, prominent in East Asia (China, Japan, Korea, Vietnam), offers a broader, more inclusive approach to spiritual practice. It emphasizes the Bodhisattva ideal, where individuals work not only for their own enlightenment but also for the liberation of all beings. This collective focus shapes economic views, promoting wealth as a tool for social responsibility and reducing suffering on a societal level. Wealth is seen positively if used altruistically, encouraging large-scale philanthropy, social welfare, and efforts to address inequality. Unlike Theravada’s focus on personal morality, Mahayana stresses compassionate action (karuna) and societal transformation to tackle the root causes of poverty and inequality.

Wealth, Ethics, and Capitalism

In both Theravada and Mahayana, wealth is viewed through an ethical lens, but with distinct approaches. Mahayana, with its broader focus on social responsibility, aligns more easily with modern economic systems like capitalism, viewing wealth creation as an opportunity for the greater good if guided by ethical principles. Theravada, on the other hand, takes a more cautious stance, promoting a simpler lifestyle and warning against excessive material accumulation. In Theravada societies, the monastic community (Sangha) provides a moral check on economic inequality. Mahayana’s emphasis on compassion has also led to socially conscious enterprises in East Asia, prioritizing sustainability, fair labour, and ethical products, reflecting the Bodhisattva ideal of using wealth for humanitarian purposes.

Ranil claims that Theravada economic policies are more export-oriented, but in reality, countries following Mahayana principles have been more successful in establishing export-driven economies. These Mahayana-influenced nations, such as Japan and China, have achieved greater success in building robust export-oriented systems compared to traditionally Theravada countries.

Sri Lanka, as a predominantly Theravada Buddhist country, has a long history of intertwining its religious principles with governance and economic policies. However, a critical examination reveals that the country’s modern economic policies, shaped by globalization and capitalism, increasingly diverge from traditional Theravada Buddhist concepts. While Sri Lankan society continues to emphasize Buddhist values in various aspects of life, its capitalistic economic structure suggests a closer alignment with the broader, more flexible economic interpretations found in Mahayana Buddhism.

Sri Lanka’s Capitalistic Economic Policies

Post-independence Sri Lanka has seen significant shifts in its economic policy, particularly following the liberalization of the economy in 1977. These changes introduced free-market principles, deregulation, and foreign direct investment, which moved the country toward a capitalist economic model. The focus shifted from self-sufficiency and state-controlled economic activities to embracing global trade, privatization, and open markets.

The rise of private enterprise, multinational corporations, and consumer culture indicates a move away from the traditional Theravada ethos of simplicity and non-attachment. In this context, the rapid urbanization, expansion of tourism, and increasing wealth inequality seem more aligned with capitalist values, where material success and profit maximization are prioritized over ethical considerations of wealth distribution

Closer Alignment to Mahayana Economic Principles

Sri Lanka’s capitalist policies reflect this Mahayana-like flexibility. Wealth accumulation, entrepreneurship, and international trade are embraced, but with a growing focus on corporate social responsibility (CSR) and philanthropy. Large corporations and wealthy individuals are often seen contributing to charitable causes, building schools, hospitals, and donating to religious institutions. These actions mirror the Mahayana ideal of using wealth for the greater good, though not necessarily limiting personal accumulation.

He claims that many countries have succeeded by promoting private enterprises and that his Theravada economic system will be a much broader version of this. However, he does not clearly explain how this broader approach—typically associated with Mahayana tradition—aligns with Theravada principles. In fact, most of the economic concepts he references stem from Mahayana traditions. By invoking the term “Theravada,” he seems to be appealing to the Sri Lankan Buddhist community, assuming that people will be swayed by this rhetoric, much like they were with the Kelani River cobra myth and Safi’s allegations, which were sensationalized by certain media outlets.

Consumerism and Buddhist Values

Sri Lanka’s burgeoning consumer culture further highlights the tension between traditional Theravada values and the realities of a capitalist economy. The rise of consumerism, especially in urban centres, encourages material accumulation and status competition, which is antithetical to the Theravada emphasis on contentment and non-attachment. Advertising and media increasingly promote luxury goods and services, feeding a cycle of desire and consumption that stands in contrast to the Middle Path.

This mirrors trends seen in Mahayana Buddhist countries like Japan and China, where consumerism exists alongside Buddhist practice. In these countries, Buddhism has adapted to modern economic realities by focusing on charitable giving and social responsibility rather than strict asceticism.

Social Welfare and Wealth Redistribution

Sri Lanka’s current economic policies diverge from traditional Theravada Buddhism, which emphasizes wealth distribution through support for the Sangha and charitable acts. Instead, Sri Lanka has experienced growing inequality, with urban elites benefiting more from economic growth while rural and marginalized communities remain impoverished. In contrast, Mahayana Buddhism’s Bodhisattva ideal aligns with the state’s sporadic welfare programmes and redistributive policies, such as free education and healthcare. However, these programmes are often hindered by inefficiencies, corruption, and a capitalist system that prioritizes profit over equitable growth.

Conclusion

Ranil’s emphasis on aligning his policies with Theravada tradition appears to be more of a marketing gimmick or salesman’s puff—an overstated claim intended to persuade the predominantly Theravada Buddhist community, which believes that Theravada concepts are original Buddhism. This community has lost faith in his commitment to protecting Buddhism as required by the Constitution. By invoking Theravada values, he likely aims to regain their trust, despite the exaggeration or lack of doctrinal grounding in his statements.

by Lasanda Kurukulasuriya

National People’s Power presidential candidate Anura Kumara Dissanayake (AKD), on Sirasa TV’s Satana programme on Saturday (14) elaborated on aspects of the party’s policy statements that have been the subject of some controversy. Grilled by a panel of four journalists, he revealed details of some of the JVP-led alliance’s policies, and appeared to have somewhat revised others. On the subject of India’s stranglehold on Sri Lanka’s Power and Energy sector through agreements already entered into by government, AKD categorically declared that the Adani group’s controversial wind power projects in the North would be cancelled (Anivaarayenma meka cancel karanawa). This is an interesting development, considering that just seven months ago, in an interview on their return from a visit to India, the party suggested that India should have first call on tenders for major projects. In that interview with Sirasa, the JVP leader once known for an anti-Indian stance argued in a surprising turnaround, that projects would have to be ‘within NPP’s national policy framework’ but “within that, we should go for an agreement with India.” (The Island 15.04.24 – Is the JVP signalling left and turning right?)

In past months the NPP appears to have finetuned its campaign promises on how it proposes to fix a rotten political culture, by balancing an element continuity in policy with changes that would address needs of people hard-hit by the economic crisis. Among the key takeaways from the promised reforms under his presidency if elected, were, to put an end to political appointments, banish political protection of criminals, and remove Value Added Tax (VAT) from food as well as education and health related items. On the IMF agreement, he said their policy was not to exit it, but go forward with discussions on other ways of achieving its targets. There was no point in reaching targets on inflation, increased revenue, ratio of debt to GDP, etc., if the social impact was such that people suffered for lack of basic needs, he argued.

Energy sovereignty

Responding to a journalist’s question on how he proposed to address the threat to energy sovereignty posed by deals entered into with India’s Adani group, the JVP/NPP leader went into some detail on the dubious nature of the agreement. Power generated by Adani’s (500MW) wind power plants in Mannar and Pooneryn would be sold to Sri Lanka for 8.2 US cents per unit (kilo watt hour), while a bid from a local producer for a much smaller 50MW wind power plant in the same vicinity, around the same time, had offered a rate of 4.2 US cents per unit. There is something wrong here and we will definitely cancel this agreement, he said. Going further, he referred to the incongruity of India’s suggestion that Sri Lanka would be able to sell any surplus power that is generated, to India. (This was suggested by Indian National Security Advisor Ajit Doval in talks with officials during his recent visit to Sri Lanka.) AKD claimed that India (while selling power to Sri Lanka at 8.2 US cents per unit) planned to buy any surplus of that same power, from Sri Lanka, at just 3.8 US cents per unit! Reference was also made to Bangladesh, whose new interim government is questioning the terms under which an Adani owned company in India is selling power to Bangladesh.

Dissanayake said that Indian companies would want an explanation from their government as to why Adani was given preference for the Mannar wind power project. However, he did not refer to Sri Lankan companies’ questioning of government on unsolicited proposals and bidding processes. This is at a time when local renewable energy producers are up in arms over step-motherly treatment. He said power generation could be opened up to the private sector, but that transmission and distribution should be controlled by the state. While the recently passed controversial Electricity (Amendment) Act was not specifically mentioned, it would seem that it would need to be repealed or amended under such a policy.

AKD also commented on the Trincomalee Oil Tank Farm, in response to a question relating to ‘something signed by the President,’ on it. (‘Further development of the Oil Tank Farms’ was part of an MoU exchanged last year in India, by President Ranil Wickremesinghe with Indian PM Narendra Modi, on projects in the Trincomalee District.) Dissanayake said his party agreed with some of the conditions but rejected others.

The topic of the oil tanks was not brought up by India he said, but by him, in talks at the Indian High Commission in Colombo. A government under him would use between 8 to 16 tanks for fuel distribution in the North and East, and this would be a big saving when compared to the cost of transporting it from Colombo. The rest could be developed as a joint venture between Sri Lanka and India. He said it was ok to have an oil pipeline connecting Sri Lanka and India (one of the projects agreed on in the MoUs signed in Delhi). He referred to a new refinery to be handled by the Ceylon Petroleum Company (CPC) or a local company, noting that these were complex tasks. “Our location is good for a fuel hub” he said.

Asked about the Indo-Lanka Peace Agreement (of 1987), he said the joint development of the Trincomalee Oil Tank Farm became a condition in it against a backdrop of Indian concerns over pro-US moves by the government at the time. Former President J. R. Jayewardene had allowed a Voice of America broadcasting station there, etc. The global balance of power is different now he said, and the US enters the picture having accepted India’s primacy in the region. Dissanayake said they were well aware of geopolitical developments and big power rivalry in the region.

Crime and politics

In relation to crime, a journalist referred to the raft of killings in broad daylight by gunmen using T56 rifles, witnessed in the streets ‘like a movie,’ not long ago. He noted that there was no IGP at present. Since the election was called, there have been no killings and no more talk of the underworld. Was it because politicians were busy with election work, he quipped. AKD in his response went on to list the names of notorious underworld characters, describing the power they wielded during the rule of presidents of the day, from JR to CBK to ‘the Rajapaksas.’ “Is this not political protection?” he asked. When narcotics are seized, the vehicles in which they are being transported are found to belong to politicians. Vowing to bust the nexus between politicians and organised crime, he said under his government no child will become a victim of drugs. We may be ‘small people’ but “we owe nothing, and fear nothing” (Api nayath ne, bayath ne)

No jumbo Cabinet

A JVP/NPP government’s Cabinet would be limited to 25 ministers, Dissanayake said. The number of deputy ministers would probably exceed that number, but there would be no ‘state ministers.’ The current ministers and state ministers enjoyed the same benefits, the only difference being that state ministers did not attend Cabinet meetings, he said. Asked about ‘Advisors to the President’ he said the maximum number of appointments would be 15.