Development strategies and policies followed in Sri Lanka changed their emphasis with the changes of government that took place at every election since Independence in 1948. Such changes of government policy could be divided into five phases: Phase I (1948–56) of free market economic policies, Phase II (1956–65) of socialist oriented policies within a mixed economy, Phase III (1965–70) of a mixed economy with accent on market economy policies, Phase IV (1970–77) of socialist policies with an inward looking approach, and Phase V (1977 to date) of a free and liberalized market economy.