DECONTROL AND ITS EFFECTS ON PHILIPPINE ECONOMY (1962-1966)
Keywords:
Decontrol, Economy, Development, Filipino First Policy, Neo – colonialismAbstract
The article is a historical investigation of the decontrol program propagated by the then President Diosdado Macapagal during his term in office from 1962 to 1966. The program was advanced, according to its proponents, with the end in view of fostering the Philippine economy using the modernization theory as model for economic development. Following the outward-looking economic policy or the Export-Oriented Industrialization (EOI), the decontrol program sounds very promising and was considered by Macapagal as the new hope for the common man. However, using the world systems theory as a framework, the study argues that the program was largely an influence of the Americans and other foreign business interests in order to control the Philippine economy. It was designed to serve the interests of the foreign elite groups who have made the local Filipino elite the puppets of the colonial masters. Simply put, the decontrol was an obvious perpetuation of the unbroken foreign hegemony to amass wealth from the country that begun from colonization to neo-colonization.
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References
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