2.1 Macro-Economic Framework- Social Market
As outlined earlier, all our policy positions are oriented towards the notion of “People before Profits”. What that means is our economic planning is driven not by the objective of “conventional profit maximisation” but for “shared value maximization” or promotion of social well-being of all.
To do so, we will introduce a Social Market Economic System powered by digital technology adaptations. Social Market Economy is a socio-economic model combining free market private investor driven sector alongside social policy measures to the welfare of the less fortunate to establish a fairer and just society.
The social market economy refrains from attempts to plan and guide production, the workforce, or sales, but it does support planned efforts to influence the economy through the organic means of a comprehensive economic policy coupled with flexible adaptation to market studies. This type of economic policy creates an economy that serves the needs of the entire population, thereby fulfilling its ultimate goal.
We will introduce a Social Market Economic Model suitable to Sri Lanka by considering the social-economic environment of the country. In order to do so, we look at the experience of the German model, its recent developments, and other comparable economic models such as in Europe, Scandinavia, Japan and elsewhere. To overcome resource constraints and other economic challenges, we will use Industry 4.0 technological advancements.
It is therefore our policy to implement measures such as Universal Basic Income (UBI) to all citizens, Widened Share Ownership, Co-determination, Sustainability Reporting with Shared Value Maximizations and other economic best practices.