Wimalaratana, W. (2025). The GLP Trinity: Challenges and Opportunities in A Changing World. Ecofunomics, 7(1), 2–12. https://doi.org/10.5281/zenodo.14681713
Abstract
Globalization, liberalization, and privatization (GLP) have revolutionized the global economy, driven growth, and expanded opportunities through increased trade and interconnectedness. However, challenges include rising inequality, job displacement, and environmental concerns. The rise of multinational corporations and the erosion of national sovereignty are also significant concerns.
The Fourth and Fifth Industrial Revolutions, fuelled by automation and AI, have further accelerated GLP. To ensure equitable and sustainable development, policymakers must navigate this complex landscape by prioritizing social equity, environmental protection, and inclusive growth. A balanced approach is crucial to harness the benefits of GLP while mitigating its risks and creating a more just and sustainable future for all.
Keywords: Globalization, Liberalization, And Privatization
JEL Classifications: F10, F13, H52
Author
Rev. Professor Wijitapure Wimalaratana
Professor Wijitapure Wimalaratana is a distinguished scholar and leader in the field of economics. He received his first degree in Economics from the University of Peradeniya, followed by a master’s in economics from the University of Colombo. He then pursued his doctoral studies at Radboud University Nijmegen in The Netherlands, where he earned a PhD in Economics.
Rev. Wimalaratana began his academic career in April 1990 as an Assistant Lecturer in the Department of Economics at the University of Colombo. He steadily rose through the ranks, becoming a Senior Lecturer Grade II in 2000 and achieving the esteemed position of Professor in December 2009. His dedication to his field and to the University of Colombo led him to serve as Head of the Department of Economics for two terms (2013-2016, 2016-2019). He also held the position of Acting Dean of both the Faculty of Arts and the Faculty of Graduate Studies on several occasions.
Beyond his departmental duties, Rev. Wimalaratana contributed significantly to the university’s administration. He served as Director of Career Guidance and Director of Studies at both the university and faculty levels. A pioneer in curriculum development, he introduced the Master of Financial Economics program to the Faculty of Arts in 2005 and the Postgraduate Diploma-leading master’s in development studies to the Faculty of Graduate Studies in 2006.
Currently, Prof. Wimalaratana holds the esteemed positions of Vice Chancellor of the SANASA Campus in Kegalle and President of the Sri Lanka Economic Association (SLEA).
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