Illusions of ‘progress and prosperity’


Another point omitted in the discussion is the sorry state of institutional capacity of our government to open the economy to market competition and promote inclusive growth in investment and trade. 80% of this country’s wealth is owned by just 50 families who control the biggest companies and kill the smaller businesses. Instead of encouraging foreign investment in mining, manufacturing, services, etc, the 50 families control the regulatory and investment policies thereby limiting competition and maintaining their strangehold of the economy. This is the reason why 12 million Filipinos can never find employment. Read the book “Why Nations Fail” (Acemoglu/Robinson) and you will see I am talking about.


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