Cabalu, Helen Juliet P
The Philippines has a poor record of economic development. Yet it was one of the
first east Asian economies to embark on a program of industrialization and in the
1950s outperformed its developing country neighbours. Overcommitment to
protectionist import-substitution, however, resulted in declining exports, deteriorating
external balances, capital shortages and serious domestic resource misallocations
during the 1960s and 1970s. Financial misjudgments and political instability in...[Show more]
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