Philippines’ shallow capitalism

SLOWLY but surely, the Philippines is beginning to resemble hyper-consumerist countries such as the United States, which have endlessly indulged in ever-increasing demand for goods and services on the back of decades of robust industrialization.

That was the case specifically during the Keynesian era, which lasted until the late-1970s, and massive borrowing from foreign creditors, particularly export-oriented economies such as China and Japan, in the age of neo-liberal globalization.