Philippines East Asian Economic Miracle

The acquisition of Philippines by the United States is the topic that is going to be focused upon throughout this paper. The historical context of this topic deserves to analyzed with reference to both the primary and secondary readings assigned. The highlighted issue takes place after the treaty of Paris was signed between the United States and Spain which liberated Spain’s remaining colonies. Towards the end of the 19th century, Americans were influenced by the ideology of imperialism. They believed that advanced industrialized nations like the United States, Great Britain and France needed to acquire colonies in order to provide raw materials to feed their industrial economies. Extensive markets were wanted in order to sell finished products to those colonial masses.

East Asia and Latin America seem to benefit most from this. The East Asian economy has developed the fastest with an annual growth of nearly 8 percent (Stand 43 4). This has been achieved through

Thus far, I have laid out some of the most important arguments in the extant literature on the East Asian Miracle with particular reference to South Korea. In this section, I integrate the preceding two sections on the existing literature and propose an alternative theory. In brief sum, the existing developmental state literature, including that specific to South Korea, argues that the developmental state causes economic growth through export-led industrialization. I reverse the order of two links in that theoretical chain. Specifically, I argue that the developmental state does not give rise to export-led growth. In fact, it is the inception of the export-led growth strategy that gives rise to the developmental state, which emerges as a

Thus, Mark's forte is the Filipino perspective, as he spent the majority of the time in East Asia there, and became embedded to the culture with his marriage. Throughout his interview he discusses a very wide range of topics, however, the Macros dictatorship in the Philippines, the lack of educational opportunities beyond fifth grade, the prior lack of any modern conveniences, and how there is a global movement of Westernization are discussed as following.

East Asian success was also achieved by private domestic investments and rapidly growing human capital were the main principal of the growth, in my opinion. Also by agriculture, declining in relative importance, experienced rapid growth and productivity improvement. The population growth rates declined more rapidly than in other parts of the developing world. I think that the development policy was a major ingredient in achieving rapid growth. The policies to increase integrity of the banking systems and to make are more accessible to non-traditional savers, raised by levels of financial savings. I think that the Asian economies have been better than others at providing macroeconomics environment and reliable legal frame work to promote domestic

Under the new regime agriculture developed rapidly, commerce and trade soared to unprecedented levels, transportation and communication were modernized, banking and currency improved, the manufacturing industries were transformed. As compared with the Spanish era, economic progress of the Philippines during the American era forged ahead with great strides. (291)

In this essay we look in-depth on how government strategies and economic policy play a crucial role in the success of High Performance Asian Economies (HPAEs) during 1960 to 1990 (World Bank 1993).There are eight countries within HPAEs: South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, Indonesia and Japan. Its economic development has significantly rise that it was name ‘East Asia Miracle’ (World Bank, 1993).

The Singapore economy had proved its resilience during the worst post-war recession and experience exceptionally high economic growth during the 42 years since its independence. For the period 1966-1973, the economy expanded consistently at a double-digit growth rate in real terms (Kum Poh, 1982, p.1). Gross Domestic Product (GDP) at constant prices continues to rise at an annual rate of 8 percent till 2005. With population growth at 2.1 percent, per capita GDP increased by 5.8 percent on average each year (Gesquiere, 2007, p. 12).

In a country that is booming on its economic produce and competes with other nations in the global market and international trade ; In a country where world renowned tourist spots like famous churches, endemic animals, white sand beaches, underground river and hills can be found ; In a country composed of 7,107 magnificent islands made up with different races and languages spoken and rich in natural ressourcs and cultural heritage; In a country that joins in the uprise of technological advantages snd business establishments in inastratures ; In a country, the Philippines where , the Filipino people went through a lot from fighting off colonizers and protecting the rights of each individual that

The unprecedented economic progress of a handful of East Asian economies were able to achieve in three decades, from1960’s to the 1980’s sparked the curiosity of the world as to how such an astounding feat occurred. After the Second World War, countries from both East Asia and Latin America began to industrialize and competed vigorously in the world market, however it is worthy to note that Latin American had several advantages from the very beginning. These include higher per capita income, higher level of industrialization, higher saving rates, higher education levels. Many of these East Asian countries/regions have just gained their independence (South Korea, Taiwan, Singapore, Malaysia, and Indonesia) and are recovering from war, in particular Japan and South Korea. Yet in the 1980’s East Asian economies developed at a much faster pace while economic growth in Latin America was stagnant and failed to live up to its potential. This paper will address the differences in economic strategies employed, explore why Latin America failed while East Asian economies achieved remarkable progress, and if there are any worthwhile lessons that current emerging economies can if possible emulate the kind of success achieved by newly industrialized countries (NICs).

The Asian continent enjoys a very rich mixture of complex cultures and this complexity is reflected in their economic, political, legal and business systems. Most Southeast Asian countries developed through primarily agricultural economies where industrial production has a limited influence until about 30 years ago (Oosterveer, Kamolsiripichaiporn and Rasiah 2006, p. 217). As industrial production increased rapidly over the last decades, the number of NIEs, newly industrialised economies, in the region has expanded to include countries such as Malaysia, Thai and Indonesia. This means that these countries have joined the more developed fist members of NIEs, Hong Kong, Singapore, Taiwan

The Asian crisis was certainly unanticipated. Prior to that, the Government always played an important function in supporting the "Asian miracle” through intervention policies. The Asian miracle was manifested by a rise in revenue and falling poverty rates over a period of 30 years particularly in East Asian countries. Many countries in the region made a complete turn-around from their poverty stricken past into a future filled with economic prosperity.

For about twenty years, East-Asian countries were held up as economic idols. They were hailed as the ideal models for strong economic growth of developing countries because of their high savings and investment rates, autocratic political systems, export-oriented business, restricted domestic markets, government capital allocation, and controlled financial systems.

Over the past thirty years since its establishment in August 1967, the ASEAN has been one of the fastest growing economies in the world with Gross Domestic Product (GDP) grew at an average annual rate of 6.6 per cent. Growth enormously peaked in 1994-1995 with Malaysia, Singapore, and Thailand enjoying growth rates in the range of 8-10 per cent. The region benefited from macroeconomic stability with countries ran budgetary surpluses up to the middle of 1997. The engine growth was said to be the exports, which grew more than fifty-fold from US$6.3 billion in 1970 to US$340 billion in 1996 (Setboonsarng, 1998). Much of the growth in the region could be attributed to the ASEAN leaders’ decision to launch the region on the road to real

Other politicians have made poverty alleviation top priority, but the pro-poor discourse of Duterte’s competitors such as those of Mayor Binay and Mar Roxas fell on deaf ears as voters had by that time grown weary of false promises. These people wanted something different and in Duterte they saw an outsider, like them, trying to make way in a world dominated by elites. During the 6 year period before his presidency the Philippines experienced a major economic boom that vanquished its title as the sick man of Asia. From 2011 to 2016, Aquino’s term, the Philippines was consistently the fastest growing economy in Southeast Asia. Republic of the Philippines’ sovereign bonds reached investment grade status. The peso appreciated and held steady at PHP44 to one USD. These gains unfortunately did not translate into a change in per capita among the poor. A Huffington Post article in evaluating Aquino’s record says that “The incidence of poverty remains virtually unchanged — at 25 percent since 2009 - as has the unemployment rate, which has remained in the 6-7 percent range.” This skewed economic progress played directly into Duterte’s hands. He capitalized on this frustration, cultivated it, and gave it roots. In a speech in Los Baňos Duterte said “I’m really disgusted the way government is being run because it is oppressing the