Golden years?: The real long-lasting economic damage wrought by Marcos
Golden years?: The real long-lasting economic damage wrought by Marcos
The Marcos administration was notorious for world-beating cronyism and corruption. But this is not enough to fully explain the worst economic collapse in Philippine history and continued decline long after the dictatorship was overthrown.
The neoliberal policies started under the duress of Martial Law combined with the massive debt willingly lent by creditors and political upheaval to cause the severe economic crisis in the waning years of the regime. The administrations that followed kept up the momentum of destructive “free market” reforms and economic troubles. Martial Law did not just keep Marcos in power but was also used for the neoliberal restructuring of the economy.
What really caused our “lost decades” of development, and keeps us a laggard of the region today?
Comments (0)