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‘Corporating’ for democracy 

31 Oct 2021

A healthy democracy is a prerequisite to a thriving business environment: Another reason why we must deeply worry about the state of our democracy right now.  Multiple factors must come together to create a truly conducive business environment where entrepreneurs have the opportunity to thrive: political stability, policy certainty, strong institutions, rule of law, and, above all, a healthy democracy that creates a strong and vibrant society. A strong and stable government is one that is visionary, capable, and accountable in both its approach to policy and its commitment to democracy.  But it also holds true that democracy needs business as much as business needs democracy. Business must play its part in holding the government accountable; for too long and through successive governments, big business, especially, has been seen as part of the problem. There is little sense in extolling the virtues of free market economics if a coterie of rich and powerful wield all of the power and influence in both the state and business. The business community as a collective must do more to push past self-interest and to offer hope to innovators and entrepreneurs. It must use its considerable footprint on society to do its part to protect democracy, even if it means starting a complex conversation or taking a difficult stance. Sometimes, sacrificing stability in the short term is essential to creating the same in the long term.  Theoretically, Sri Lanka could not have done better on the political stability front: A non-politician president seen widely as a man that gets things done, supported by a government with a two-thirds majority in Parliament – both at the outset enjoying wide popular support. With all that was going for this administration, it is inexplicable that there is an all-pervading undercurrent of uncertainty and instability. And it has been an abject disappointment for even the strongest of supporters that the images conjured of a flourishing technocracy have amounted to nought.  Covid-19 has certainly put a giant spoke in what may have been. It has meant the shifting of priorities and has widened inequalities. But our woes go far deeper than this pandemic and will last well beyond the pandemic’s end. Much of the dithering and policy vacillation and tensions are suggestive of tenuous relationships and strong internal disagreements. Above all, we suffer from a dearth of capable people in positions that matter, giving the advice that matters, and taking a stand for what matters.  The dearth of talent is alarming, and in this context it is important to note the renewed concerns over a new wave of brain drain as greater numbers of young professionals begin exploring options to flee their homeland in search of greener pastures. While migration of this type remains a privilege in itself, it is tragic that professional migration costs a nation a tier of youth educated and groomed to lead the nation into the future. It is damning that people with potential are exploring the option to physically relocate to a “better” country because they believe the odds are stacked against them here at home; that they cannot survive a broken system riddled by corruption and nepotism.  And if indeed democracy is being undermined by one party, then it is the political role of the opposition to uphold that democracy. An opposition’s duty and responsibility is to stand as a suitable alternative to the status quo; to offer hope to a disgruntled polity. It’s a shame that Sri Lanka’s Opposition has been unable to capture the public imagination by seizing the many opportunities that keep on arising. Far from becoming a threat to the Government’s stability, they seem incapable of the disruptive thinking that Sri Lanka now needs, or even of taking a principled stand on matters that matter. Instead, the Opposition offers more of the sameness, seemingly failing to understand that capturing power must be preceded by capturing the hearts and minds of the voter.  And so, almost every aspect of our democracy seems headed to failure. The private sector must do more to lobby for better; it must believe in its own power and capacity to force changes in policy and accountability. Far from taking democracy for granted, or being despondent over the status quo, it is important for business to understand that it too is a significant component of modern democracy.


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