Although The Philippines Have A Booming Economy Due to Capitalism, The Gap Between The Poor and Rich is Increasingly Widening

Topics: Poverty, Economic inequality, Capitalism Pages: 8 (2533 words) Published: November 13, 2013

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Although The Philippines Have A Booming Economy Due to Capitalism, The Gap Between The Poor and Rich is Increasingly Widening Abarca, Mark Jason P.
Far Eastern University

Com Arts 2
October 10, 2013
Prof. Fely Rose Manaois
1

Global capitalism has altered the economic, political, and cultural terrains of the Philippine society.  As a society integrated in the international political economy, the Philippines is subjected to the logic of global capitalism in which capital profits and thrives from uneven development, the differentiation of social conditions among national economies, the preservation of low-cost labor regimes, and the reproduction of relative poverty.  Poverty remains.  Tremendous unemployment, inequality, and social immobilization appear to be a permanent fixture in the Philippine capitalist society.  The base, in the triangular, hierarchical structure of the Philippine society, is widening while the rich is getting stronger and more affluent.  The Philippines remains a Third World (developing) economy following the prescriptions of macroeconomic policies of the World Bank, structural adjustment programs of the International Monetary Fund, and free trade policy of the World Trade Organization.  Apparently, where there is an appreciable gap between the rich and the poor, it simply means there is patent inequity in the distribution of wealth. There is inequality in the distribution of wealth when only a handful of "vested and privileged few" holds the purse of the nation and enjoys the gains of economic activity. As the gap widens, the poor suffers deeper and longer deprivation because the range of goods and services available to them contracts. This is exactly the reason why more than one billion people lack the opportunity to consume in the quality and value that would allow them to satisfy their compelling basic needs. Growing inequality is one of the biggest social, economic and political challenges of our time. But it is not inevitable. For some reasons, it ushers the dawn of a vicious socio-economic climate that causes deterioration in national competitiveness, high crime rate, social unrest, and political instability. The highpoint of these problems is the onset of revolution or terrorism that threatens the viability and existence of a country.

2

This historical moment is marked by the universalization of capitalism, as depicted in the process of neo-liberal globalization. Every aspect of human life and nature itself has been penetrated by the capitalism’s logic of accumulation, commodification, profit-maximization, and competition. It is revolving around the orbit of globalizing capitalism that structural changes, as well as structural phases, in the world in general and in the Philippine society in particular has to be contextualized.  The drive for capital accumulation is, of course, not the only process at work but it is hard to make any sense of the changes in the Philippine society without closely examining it. As socialists struggling for human emancipation, we are tasked to take seriously capitalism’s fundamentally oppressive reality in this moment when market forces control the world.  As globalization unfolds its real process of the completion of the world market, a thorough critique of capitalism is most urgently needed. The economic system in the Philippines is classified as a newly industrialized economy. It does have an emerging market. Over the last few years it has the fastest growth recorded in the last 34 years.

On the other hand, doing business in the Philippines is a highly personal endeavor whereas planning to close a deal or just getting ready for an investment, one should bring enough time, patience and perseverance. A personal introduction through a friend or business associate is essential to establish a relationship with your business partners. Always keep in mind that, in the Philippines, a successful business relationship...
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