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Book Review

Economics in simple and digestible form

Much has been spoken and written about business and corporate affairs, but very few versions are in simple and digestible form.

Business and Corporate Affairs authored by Sunil Karunanayake, a well-known chartered accountant and business and sports writer provides an indepth analysis of the economy of Sri Lanka spanning over seven years.

The 257-page book comprises five sections: Business /Corporate, Banking/Finance, Economic affairs/ Education and social overheads and Changes and Development.

The author begins from 2004/05 where the Sri Lankan economy was under heavy stress amidst problems in the North and the East .

The author has laid emphasis on the importance of promoting a vibrant export sector and restricting imports to bride the widening trade deficit.

The chapter on arbitration-an impetus for conducive investment climate shows the significance of alternative dispute resolution mechanisms which are popular and effective due to the long delays in the court system.

The writer gradually takes the reader along a progressing path reflecting the reign of President Mahinda Rajapaksa whose tenure moved the country on course to a progressive path with the cessation of terrorism in the North and the East.

Fittingly, the author has paid tribute to President Rajapaksa in two articles “Battle of Thurstan Road and Thurstan’s tribute to him tracing his hurly, burly school days at Thurstan College which the author clearly remembers.

The Governor of the Central Bank, Ajith Nivard Cabraal adds in his foreword, “Mr Karunanayake my long-standing friend, brings his years of experience as a journalist and fellow Chartered Accountant to this book on wide-ranging areas from economics, banking and finance, law and sports.

He said “I am pleased to see that Karunanayake has selected a period for his analysis where the field of business and corporate affairs in Sri Lanka has witnessed some significant changes.

The author’s effort to focus on contemporary issues such as the US sub Prime crisis, the new direction for the tea industry, IFRS latest phase in Financial reporting, post crisis developments of the banking industry with reference to latest legislations such as Dodd Frank's Wall Street Reforms,sports economy, retirement benefits and the ageing population enriches the value of the book.

The author’s interview with the IMF representative in Sri Lanka, Koshy Mathai in the midst of Sri Lanka’s problems and the resultant IMF bailout using titles from Winston Churchill’s famous multi-volume history of “world War 11” provides interesting reading.

The author has taken great pains to spare much of the space for the tsunami and its aftermath in a moving manner.

Dr Wickrema Weerasooria, an eminent lawyer, diplomat and academic presented an elaborate review of the book commending the author while MDD Pieris distinguished civil servant of yesteryear made an analytical presentation on selected chapters of the book.

There’s little doubt that Sunil Karunanayake has made a valiant effort to provide the local readership with a useful handbook that could be easily referred.

As” Dr Anura Ekanayake past chairman of the Ceylon Chamber of Commerce said “Sunil Karunanayake is a master of the art of presenting technical content in simple and easily digestible form.

This delightful collection of his work published in recent times in various journals is a must -read for all serious students and practitioners of all spheres of economics.

For students this will serve as a convenient introduction and a reliable source of contemporary issues during the post 2005 era.

For the practitioner who struggles with time to keep up with current issues, this book will be a timely gift”.

The book has been made richer with neat layouts, quality printing and high quality cover design that should please the local readership who are starved of such complete products.

Karunanayake launched his maiden publication at the Auditorium of the Institute of Chartered Accountants Sri Lanka recently.

 

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