The Ranil’s manifesto claims that Sri Lanka became the “granary of the East” by adhering to Theravada economic policies, yet it does not explicitly define these policies. Instead, it contradicts this assertion by pointing out that Vietnam, a Mahayana Buddhist nation, followed Thailand’s lead. Despite Thailand’s traditional association with Theravada Buddhism, it adopted policies that resemble those of Mahayana-influenced countries like Japan.
These policies, particularly in the tourism sector, introduced revolutionary changes that seem contrary to Theravada principles, further complicating the argument. He also emphasized the relevance of Theravada Buddhism in addressing the challenges of a rapidly evolving world, driven by science and technology. Speaking virtually at the State Vesak Ceremony at Dharmaraja Piriven Viharaya, in Matale, on the 23 May 2024, he highlighted the need to preserve the core values of Theravada Buddhism and share its wisdom globally.
Buddhism, beyond its spiritual teachings, has deeply influenced socio-economic life across Asia. Theravada and Mahayana, the two main branches of Buddhism, offer contrasting views not only on religious practice but also on economic principles. Both schools emphasize ethical behaviour, compassion, and non-attachment to material possessions.
However, their divergent philosophical outlooks lead to varying interpretations of economic activity, wealth accumulation, and societal roles. Foundations of Economic Thought .