The Effects of the Industrial Revolution on Society

The failure of the Philippine economy to achieve a ripe industrialized state is a confluence and a pull up stakes of political and economic policies that can be traced back to as far as the stick on war period. The Philippine post war economic policy is said to have interpreted the trajectory of Import Substitution Industrialization (ISI) â€"which puts premium in strengthening the locally owned industries catering to a Brobdingnagian domestic market to contain dollar outflow and bring forward domestic entrepreneurship (Kuruvilla, 1996). This strategy saw the rise of a immature domestic-industrial capital elite; and expanded manufacturing sector which registered growth place of between 11% to 14% from the late 1940s to former(a) 1960s (Toussaint, 2006). On the downside, the dependence from imported capital and engineering to sustain this strategy had a negative impact on the balance of payments (BOP) in the 1960s and onwards (Ofreneo as cited by Kuruvilla, 1996). The IMF-WB provided a short-lived solution (and imposition) to this dilemma by extending stabilisation loan on condition that the Philippine government adopts an export- oriented industrial enterprise (EOI) by deregulating and opening its economy to nonsensitive foreign investments (Bello, et. al. as cited by Kuruvalla, 1996).

The export oriented industrialization (EOI) is an imposition of the IMF-World Bank to the Philippines. It is wedded in the antiquated Ricardian sentiment of industrialization based from the comparative advantage of cheap compass. Under this scheme, the country became the agro export base of Western democracies tour suppressing the creation of industries of steel and machine toolsâ€"which are necessary for self sustaining economy (Bello, 1981). This strategy further pushed back the Philippine monetary status under the Marcos dictatorship. Foreign borrowings ballooned to unimaginable proportion only when to keep the economy afloat, without really contributing substantially to the deal of industrialization. Nothing much had... If you want to get a unspoilt essay, order it on our website: Orderessay

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