Which economic system did J. R. Jayewardene introduce in 1978?
Closed economic system
Communist economic system
Open economic system
Planned economic system
Answer
J. R. Jayewardene introduced an open economic system in Sri Lanka in 1978. This system was a major departure from the previous socialist economic system, which had been in place since the 1950s. The open economic system was intended to promote economic growth and development by encouraging private enterprise and foreign investment.
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