An Echelon Media Company
Friday November 13th, 2026

No Bourgeoisies, No democracy

It was not Marx’s aim to discover the “eternal laws” of economy. He denied the existence of such laws. The history of the development of human society is the history of the succession of various systems of economy, each operating in accordance with its own laws. The transition from one system to another was always determined by the growth of the productive forces, i.e., of technique and the organization of labour. Up to a certain point, social changes are quantitative in character and do not alter the foundations of society, i.e., the prevalent forms of property. 

Leon Trotsky in ‘Living thoughts of Karl Marx’

In the dark and forbiddingly bleak topography of our dysfunctional democracy, the National People Power coalition was a refreshingly propitious development.

The center-left intelligentsia could not resist comparing it to the mass rally of the United Left Front that bought a similar multitude enthused by the possibility of solid socialist solidarity in a coalition led by NM, Dr.Wicks and Phillip.

The first speaker, old Samasamajist Lal Wijenayake recalled that Galle Face was the launching pad for the great ‘Hartal ‘of 1952, organized by the left movement against the UNP’s comprador bourgeoisie regime. 

 What struck me, was that none recalled the incident on Galle Face where our pioneering left stalwarts produced Mark Antony Bracegirdle after filing a habeas corpus petition preventing his deportation.

As far as I know, no Supreme Court judge recused himself from hearing the writ application on the ground that he played Bridge with Governor Stubbs who ordered the deportation. 

The 1937 event eleven years before our independence was an epochal reiteration of a citizen’s right to free speech and liberty. With that skirmish with the ‘Raj,’ our island nation was catapulted into modernity and the age of universal Human Rights.  

It was our first brush with the true spirit of universal civic citizenship – a principle which one of our main contenders for the presidency wishes to erase from the book of rules.

Colonialism despite its wickedness introduced some fundamental principles that evolved during the age of enlightenment.

Forgetting Bracegirdle is natural. We have no historical memory of struggle in the evolution of democracy, its processes and institutions. The British gave us universal franchise and Parliamentary democracy.

Our C.W.W.Kananagara is forgotten as Ambedkar in India! We don’t care for equality or champions of social justice.   

Reason, tolerance, autonomy, the conception of the rights of man, the imperative of applying scientific methods in our social and political thinking instead of priestly witchcraft are distinctive values that we have adopted and practice with reluctance. We blabber about Lichchavi rulers engaging in democratic debate purely to hide the truth that democracy is a colonial legacy.

Karl Marx said it for all time. “Colonial transformation brought about “the only social revolution ever heard of in Asia.”

No wonder, we do not remember how we ended up with the right of Habeas Corpus! 

The JVP-led Rally attracted a range of organisations ranging from the Old Left to today’s Human Rights activists
The Janatha Vimukthi Peramuna led Left Alliance packed Galle Face Green on 18 August/JVP Media

The message of the people power movement is very simple. Everybody has a vote. But yet a large swathe of our populace remains beyond the pale held hostage by clientelist politics, constantly negotiating allegiance in exchange for state patronage.   

What is refreshing about the new movement is that it dramatically differs from mainstream political actors who during times of electioneering adopt short term target centric methods of conscience arousal of the common people – the hoi polloi by herd hysteria (invisible enemies) or mass mesmerizing (Cornucopia round the corner).

It is a pathbreaking attempt by the Janatha Vimukthi Peramuna to broaden its political base beyond the ideological territory of Marxist Leninism that they claim to profess.

The germinal idea for this brief essay occurred to me on seeing a huge red flag with the hammer and sickle – the communist insignia which in the public psyche is more associated with Stalin’s dictatorship than with a promised dictatorship of the proletariat.

On the stage was, vivacious Samanalie Fonseka of the ‘Aluth Parapura’ movement, one of the constituent groups of the movement. It is decidedly an alliance that includes the bourgeoisie or the town’s people living in urban high-rises with trendy pantries with empty refrigerators.

Catechism of ‘people’s power’ was explained by Professor Liyanage Amarakeerthi of the Department of Sinhala,  Peradeniya University and accomplished academic in Western Literary theory.

 He explained the reasons for the founding of the movement labelled ‘power of people.’

The raison d’etre of the coalition of 28 activists groups was to educate the indifferent, mobilize the marginalized and to effectuate a mass consciousness to find a way forward for a nation in drift. Restoration of parliamentary democracy was it’s imperative.

What does this proposition suggest?  The JVP has unhesitatingly arrived at the realization that the task ahead is to bring about changes within the existing parliamentary democracy.  

The people power movement intends to challenge the holders of power and motivate the entire society to redress deep-rooted social grievances. It is a protest against inequality and injustice. It seeks to restore critical civil society values and social norms.

By directly appealing to the mass consciousness of society it attempts to overpower tribal, parochial prejudices. It fosters the idea of a meaningful democracy – system of governance by and for the people.

In his classic work “Capitalism, Socialism, and Democracy’ Joseph Schumpeter describes democracy as “that institutional arrangement for arriving at political decisions in which individuals acquire the power to decide by means of a competitive struggle for the people’s vote.”

A more precise or succinct definition of democracy in the context of competitive party politics would be nearly impossible.

Now here comes the acid test for the Presidential Candidate Anura Kumara Dissanayake and his party the JVP.

As the renowned political theorist Seymour Martin Lipset points out, we cannot ignore the umbilical link between a market economy and democracy. It is a simple, absolute actuality conceded by Marxist encomiasts as well as Capitalist economists. Modern democracy is a product of the capitalist process. 

Here comes the rub. No Bourgeoisie, no democracy!  The famous adage is by Barrington Moore in his seminal work ‘Social Origins of Democracy and Dictatorship’.

I should contextualize these theoretical excursions into the current and contemporary political circus.  Minister Patali Champika Ranawaka has told the US ambassador that General Shavendra Silva is our Ulysses Grant- the Civil War hero of the Americans.

The irony is inescapable. The founding fathers treated slaves as property. The US civil war made true democracy possible. In our land civil war made us a family fiefdom.

“I won the thirty-year war in three-and-half years. He! He!”

Tracing the link between democracy and the urban middle-class, sociologist Moore demonstrates how the ‘southern landed aristocracy opposed the northern bourgeoisie’s democratizing efforts, sparking the civil war.’

Post-civil war commercial farmers and urban town dwellers fostered capitalism and democracy in that order.

Now, this may sound a bit impudent. Comrade Anura and the JVP must rediscover Marx in the context of the 21st century.  Capitalism has its intrinsic contradictions. Socialism has had its successes and setbacks.

As South African socialists have painfully discovered “… perennial questions about how and when humanity may advance to ‘a unique equilibrium without social antagonisms’ requires’ an ongoing transparent interrogation. In that, there should be no doctrinaire Holy Cows.  The Hammer and sickle emblem was out of place. Stalin made it the equivalent of the Swastika.

I think Samanalee Fonseka on the stage was sporting designer sunglasses.

Atta girl go for it!

Sri Lanka stocks close down 0.60-pct, dragged by HNB and LOLC

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.60 percent.

The ASPI was down 133.22 points at 22,024.18, while the more liquid S&P SL20 was down 1.06 percent, or 67.55 points, at 6,298.02.

The ASPI ended the week up 784.53 points from last Friday.

Positive contributors to the ASPI were Dialog Axiata (up 0.40 percent at 50.20 rupees), Distilleries Company of Sri Lanka (up 0.52 percent at 58.30 rupees), Aitken Spence (up 3.60 percent at 151.00 rupees), Ceylon Tobacco Company (up 1.05 percent at 1,828.50 rupees), and LOLC Finance (up 1.96 percent at 5.20 rupees).

Hatton National Bank (down 1.88 percent at 403.75 rupees), Richard Pieris and Company (down 6.21 percent at 27.20 rupees), LOLC Holdings (down 2.17 percent at 405.00 rupees), Sampath Bank (down 1.91 percent at 154.00 rupees), and Singer (Sri Lanka) (down 2.40 percent at 77.30 rupees) were top negative contributors.

Market turnover was 3.23 billion rupees. Capital goods led turnover with 869.21 million rupees. (Colombo/Nov13/2026)

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Sri Lanka MP slams budget speech for omitting Tamil national question

ECONOMYNEXT – A Sri Lanka legislator has voiced strong disappointment that the President’s budget speech failed to make a single mention of the Tamil national question.

“It is very unfortunate that in His Excellency the President’s speech, there has not been a single word mentioned about the Tamil national question. Not a single word,” Shanakiyan Rasamanickam said.

“A budget speech generally, is a policy direction of the government for the next year. The budget speech is not only a statement of the country’s fiscal position or the economy’s position. It is the country’s, the government’s, plan, or what the government plans to do the following year. That’s a policy statement.”

Former presidents would at least mention the Tamil question even if it was not resolved, he said.

Former President Ranil Wickremesinghe in his speech, in his policy statement, he would mention: “The Tamil national question must be resolved,” Rasamanickam said.

Former Presidents Maithripala Sirisena and Gotabaya Rajapaksa also mentioned that the national ethnic question must be resolved, he added.

“Every President, every country’s Head of State, in their policy statements, have acknowledged the fact that there is an unresolved national issue, the Tamil national question, that it needs to be resolved. Various governments have proposed various mechanisms; none of them have succeeded, but at least it was mentioned.”

This year’s budget made allocations for the Office of Missing Persons, and the Office of Reparations.

“But the domestic mechanism is a mechanism that the victim community has rejected. So you all are allocating money to a mechanism where the victim community is not going to be part of.”

Last year’s budget 1 billion was allocated to be spent on the Trincomalee and Jaffna airports.

“Where was that 1 billion for the Trincomalee and Jaffna airports spent last year?”

“The trajectory of this government, Honourable Deputy Speaker, is worrying to me. It’s really worrying to me. Because if the objective is to say that there is no Tamil national question, if the objective is to say that you all have resolved any ethnic issue that this country faced, then Honourable Deputy Speaker, then I think the Tamil people will teach this government a very, very, very harsh lesson in the future.” (Colombo/Nov13/2026)

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Sri Lanka sells extra Rs6.5bn Treasury bills after auction

ECONOMYNEXT – Sri Lanka has sold 6,500 million rupees of treasury bills offered on tap at an average rate of 9.95 percent, the public debt management office said, bringing the total of bills sold in the week to 85.562 billion rupees.

The issue offered 90 billion.

Total market subscription was 6.5 billion rupees.

The debt office sold a 12-month bill at 9.95 percent.

On Wednesday (11) the debt office raised 79 billion rupees of 3, 6 and 12 month bills after offering 90 billion.

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Sri Lanka Treasury bill yields hold broadly steady, less bills sold

The settlement date is November 13. (Colombo/Nov13/2026)

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Access Engineering Sept quarter group net profit surges 200-pct to Rs4.75bn

ECONOMYNEXT — Sri Lanka’s Access Engineering PLC recorded a group net profit attributable to equity holders of Rs. 4.75 billion for the quarter ended September 30, surging 200 percent from Rs. 1.58 billion a year earlier, interim accounts showed.

Basic earnings per share rose to Rs. 4.08 for the September quarter, up from Rs. 1.58 previously.

Quarterly group revenue expanded 36 percent to Rs. 20.39 billion from Rs. 14.94 billion, underpinned by condominium property handovers — reflected in inventories dropping Rs. 7.69 billion since March to Rs. 35.71 billion — alongside strong automobile sales and steady civil engineering execution.

Cost of sales rose at a slower 27 percent to Rs. 14.34 billion, lifting gross profit by 64 percent to Rs. 6.05 billion and expanding gross margins to 29.7 percent from 24.7 percent.

Other income jumped 144 percent to Rs. 259.9 million, while administrative expenses rose 75 percent to Rs. 1.14 billion, leaving operating profit up 64 percent at Rs. 5.16 billion.

However, finance costs more than doubled, rising 107 percent to Rs. 1.18 billion on elevated group borrowings of Rs. 43.74 billion, partly offset by finance income climbing 302 percent to Rs. 42.2 million.

Share of results from equity-accounted investees rose 122 percent to Rs. 26.7 million, pushing pre-tax profit up 56 percent to Rs. 4.05 billion.

Income tax swung to a net reversal of Rs. 186.6 million from an expense of Rs. 804.1 million, boosted by deferred tax assets on unrelieved losses from a 100 percent enhanced capital allowance claimed by 60 percent-owned radiopharmaceutical subsidiary Access Medical Tracers (Private) Limited.

Total period profit rose 136 percent to Rs. 4.24 billion, with non-controlling interest declining 24 percent to Rs. 164.9 million following last year’s buyout of minority shareholders in Harbour Village (Private) Limited.

No separate exchange gain or loss was itemized in quarterly earnings, though foreign currency translation via associates recorded a Rs. 17.4 million loss in other comprehensive income, alongside USD 16.6 million in corporate guarantees.

Notes also flagged an expected Rs. 1.45 billion recovery from the terminated South Asia Commercial and Logistics Hub project, a Rs. 225 million post-quarter legal settlement already provided for, and a Supreme Court appeal over a 2011/12 PAYE tax ruling.

Group assets stood at Rs. 132.4 billion as of September 30, with net asset value per share at Rs. 46.70, as the Employees’ Provident Fund raised its stake to 5.69 percent.

Access Engineering shares closed at 80.00 rupees at the end of September and are currently trading around 85.80 rupees. (Colombo/Nov13/2026)

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Sri Lanka private sector says timely implementation of Budget 2027 key

ECONOMYNEXT – Private sector body, The Ceylon Chamber of Commerce, said it was encouraged by the broad direction of Budget 2027, noting that it reinforces Sri Lanka’s commitment to economic transformation while maintaining policy continuity, macroeconomic stability, and fiscal discipline.

“This continuity is particularly important as the country seeks to transition from economic stabilisation to a more durable, investment-led growth trajectory.”

The chamber also noted several areas where the Budget could have placed greater emphasis to strengthen the country’s growth prospects.

“In particular, there is a need for a stronger focus on attracting Foreign Direct Investment (FDI), accelerating factor market reforms, particularly in land and labour, and fast-tracking public procurement reforms to improve the efficiency and speed of project implementation.

“More targeted and actionable proposals could have been introduced to unlock the potential of sectors with significant growth opportunities, including tourism, agriculture, IT/BPO and logistics.”

The chamber said the budget contains positive measures aimed at enhancing competitiveness, and external sector resilience, while presenting opportunities for focus on sectors that can accelerate growth.

“A number of the key structural reforms identified in last year’s Budget have been carried forward and strengthened, providing greater certainty and predictability to businesses and investors.

“These include the continued implementation of the Trade National Single Window (TNSW), the phased removal of para-tariffs, the rollout of the Digital ID framework, efforts to expand market access through new Free Trade Agreements (FTAs), the strengthening of one-stop-shop investment facilitation mechanisms, progress on Customs reforms, the expansion of Bandaranaike International Airport (BIA), enhanced financing support for SMEs, and reforms relating to the management of State-Owned Enterprises.”

The CCC said that more than 20 proposals submitted by it have been reflected in Budget 2027.

These include measures to strengthen investor facilitation through the establishment of a professionally managed investment promotion agency; continued efforts to improve trade facilitation and export competitiveness; the Government’s consideration of a successor programme with the International Monetary Fund (IMF); accelerated progress on key legislative reforms; the expansion of digital government services; and the promotion of cashless payments and broader digital adoption. The Budget has also captured several priorities relating to energy security, including the accelerated deployment of Battery Energy Storage Systems (BESS) and investments in fuel storage infrastructure, initiatives to optimize underutilized agricultural land, measures to support the expansion of the digital economy and the IT/BPO sector, and tax reforms to support exporters, including the acceptance of newly VAT-registered exporters as eligible exporters.

“The inclusion of these priorities reflects the value of sustained public-private dialogue and demonstrates increasing alignment between national policy objectives and the needs of a competitive, export-oriented economy.

“The priority now must be effective and timely implementation to translate policy commitments into investment, competitiveness, exports and sustainable growth.” (Colombo/Nov13/2026)

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Sri Lanka stocks trend lower day after budget reading

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trending lower on Friday, CSE data showed, with the benchmark All Share Price Index moving down 0.66 percent.

The ASPI was down 146.78 points at 22,011, while the more liquid S&P SL20 was down 0.94 percent, or 59.99 points, at 6,306.

Positive contributors to the ASPI were Access Engineering (up 1.30 percent at 85.80 rupees), LAUGFS Gas (up 3.31 percent at 49.90 rupees), Ceylon Tobacco Company (up 1.13 percent at 1,830 rupees), Ceylon Cold Stores (up 0.80 percent at 126 rupees), and Namunukula Plantations (up 1.79 percent at 68.10 rupees).

LOLC Holdings (down 1.03 percent at 409.75 rupees), Hatton National Bank (down 0.61 percent at 409 rupees), Sunshine Holdings (down 3.81 percent at 30.30 rupees), and Sampath Bank (down 1.91 percent at 154 rupees) were top negative contributors.

Market turnover was 1.55 billion rupees. Capital goods led turnover with 459.57 million rupees. (Colombo/Nov13/2026)

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