ECN 802 Lecture Notes - Crony Capitalism, Presidency Of Fidel Ramos, Import Substitution Industrialization
17 Jul 2014
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Document Summary
Industry : electronics, us and japanese companies (hard disks, floppies) 1 million workers abroad a source of foreign remittances. In the 1960s industry did not go beyond food, beverages, textiles and garments: macros, change in strategy from import substitution to export led growth, crony capitalism (macro"s relatives), 1970s age growth rate was 7 % Assassination of benigo acquino in 1983 led to protest against macro"s government. Philippine economy dominated 15 20 families owned land, commerce and industry. Sell of loss making state enterprises, reduce government debt, recession followed. Acquino"s period, tax reforms introduced to broaden the tax base. Fidel ramos government major reforms; financial sector reforms, institutional framework for the securities market. Agriculture land reform is slow (resistance by large land owners) Rapid growth by 2007, it was 7. 2% In 2000 only 4 call centers, 1000 call centers by 2005. Rapid flow of foreign portfolio and direct investment.
