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The country had weathered the first global oil crisis, in 1973, but by 1979 the commodities boom which had propped up its economy in the early 1970s had died down, leaving the Philippines much more vulnerable [1] - so much so that in the third quarter of 1981, the Philippine economy followed the course of the US economy when it went into recession.
The economic history of the Philippines is shaped by its colonial past, evolving governance, and integration into the global economy. Prior to Spanish colonization in the 16th century, the islands had a flourishing economy centered around agriculture, fisheries, and trade with neighboring countries like China, Japan, and Southeast Asia.
Marcos was proclaimed winner of the election in November 1969, and was inaugurated to his second term just before the new year, on December 30, 1969. The social impact of the 1969–1970 balance of payments crisis very quickly led to social unrest – so much so that Marcos went from winning the elections by a landslide in November to dodging effigies by protesters just two months later, in ...
Krugman introduces the notion of a liquidity trap in his analysis of Japan in the 1990s, the Asian financial crisis, Latin American crisis and the 2008 Global Financial Crisis. [11] [12] [13] Liquidity traps are essentially a lack of circulation or growth in the supply of money in the economy. [11]
The Commanding Heights: The Battle for the World Economy is a book by Daniel Yergin and Joseph Stanislaw first published as The Commanding Heights: The Battle Between Government and the Marketplace That Is Remaking the Modern World in 1998. In 2002, it was adapted as a documentary of the same title and later released on DVD.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
The book allegorically explores such topics as inflation, deficit spending, central banking, international trade, and the housing bubble and 2007–2008 financial crisis. The Washington Times stated that the book "[conveys] the often intuitive ideas of economics through an engaging, fictitious story richly illustrated with amusing cartoons." [1]
The Global Economic Crisis, the worst financial crisis since the Great Depression, can be partially attributed to globalization. Although globalization promised an improved standard of living, it has actually worsened the financial situation of many homes and has made the financial crisis global through the influences of international financial ...