The Philippines is considered to be one of the most westernized countries in Asia. It has strong ties to the United States and the United Nations. In fact, it is the only charter member of the U.N. in all of Southeast Asia.
The United States has a very close relationship with the economy and culture of the Philippines. It is the largest foreign consumer of Philippine products. In many ways the survival of the Philippine economy depends on the United States. We purchase their sugar exports, coconut oil, embroidery, base metals, and lumber. The United States supplies most of the Philippine imports of machinery, dairy products, cotton, papers, drugs, automobiles and of course, petroleum products. Although countries like Japan, Canada Australia, and New Zealand are getting more and more involved in trade with the Philippines, America remains to be the Philippines most important trading partner.
As a result, the Philippines became almost entirely dependent upon United States markets. Thus, America has had a strong influence on not only the economy of the Philippines. That is why the Philippines are used to having the Mixed Market Economy (focusing on Capitalism and Socialism) as their economic system.
In this position paper, I believe and stand with the same type of economy (Mixed Market Economy) which the Philippines should adopt to enable it to best answer the economic problems of production and distribution of the country.
A mixed economy is an economic system that includes a variety of public and government control, or a mixture of capitalism and socialism. There is not one single definition for a mixed economy, but relevant aspects include: a degree of private economic freedom (including privately owned industry) intermingled with centralized economic planning and government regulation (which may include regulation of the market for environmental concerns, social welfare or efficiency, or state ownership and...