Podcast
Questions and Answers
What was the primary economic activity of the Philippines during the Pre-Colonial Era?
What was the primary economic activity of the Philippines during the Pre-Colonial Era?
- Industrial manufacturing
- Oil production
- Mining of natural resources
- Subsistence agriculture and fishing (correct)
Which economic system granted Spanish encomenderos control over land and local labor?
Which economic system granted Spanish encomenderos control over land and local labor?
- Plantation system
- Feudal system
- Mercantilism
- Encomienda system (correct)
What was a significant agricultural crop introduced during the Spanish Colonial Period?
What was a significant agricultural crop introduced during the Spanish Colonial Period?
- Barley
- Cacao (correct)
- Wheat
- Rice
How did American rule contribute to the development of the education system in the Philippines?
How did American rule contribute to the development of the education system in the Philippines?
What was one of the major exports of the Philippines during the American Colonial Period?
What was one of the major exports of the Philippines during the American Colonial Period?
What did the Bell Trade Act of 1946 aim to achieve?
What did the Bell Trade Act of 1946 aim to achieve?
Which economic policy was pursued by the Philippine government to reduce import dependency after gaining independence?
Which economic policy was pursued by the Philippine government to reduce import dependency after gaining independence?
Which agreement continued economic ties with the U.S. and constrained Philippine economic policy autonomy?
Which agreement continued economic ties with the U.S. and constrained Philippine economic policy autonomy?
What is the primary responsibility of the Department of Environment and Natural Resources (DENR) in the Philippines?
What is the primary responsibility of the Department of Environment and Natural Resources (DENR) in the Philippines?
Which agency is responsible for infrastructure development in the Philippines?
Which agency is responsible for infrastructure development in the Philippines?
What role does the National Telecommunications Commission (NTC) play in the Philippines?
What role does the National Telecommunications Commission (NTC) play in the Philippines?
Which aspect of economic development focuses on reducing dependence on a single industry?
Which aspect of economic development focuses on reducing dependence on a single industry?
What is a primary focus of the Department of Information and Communications Technology (DICT)?
What is a primary focus of the Department of Information and Communications Technology (DICT)?
Which of the following is NOT a responsibility of the Department of Public Works and Highways (DPWH)?
Which of the following is NOT a responsibility of the Department of Public Works and Highways (DPWH)?
What key aspect of economic development involves investing in education to enhance workforce skills?
What key aspect of economic development involves investing in education to enhance workforce skills?
Which principle emphasizes that marginalized groups should have equal opportunities in economic development?
Which principle emphasizes that marginalized groups should have equal opportunities in economic development?
What does Adam Smith's Theory of Economic Growth emphasize?
What does Adam Smith's Theory of Economic Growth emphasize?
Which concept is associated with David Ricardo's theory of Comparative Advantage?
Which concept is associated with David Ricardo's theory of Comparative Advantage?
What key process does Modernization Theory advocate for economic development?
What key process does Modernization Theory advocate for economic development?
According to Dependency Theory, what traps underdeveloped countries in a cycle of dependence?
According to Dependency Theory, what traps underdeveloped countries in a cycle of dependence?
What does Structuralism focus on regarding economic development?
What does Structuralism focus on regarding economic development?
What was a significant outcome of the Meiji Restoration in Japan?
What was a significant outcome of the Meiji Restoration in Japan?
Which example illustrates the application of Ricardo's Comparative Advantage?
Which example illustrates the application of Ricardo's Comparative Advantage?
What critique does Dependency Theory offer regarding global economic systems?
What critique does Dependency Theory offer regarding global economic systems?
What role does the Department of Trade and Industry (DTI) play in economic development?
What role does the Department of Trade and Industry (DTI) play in economic development?
How does the Department of Public Works and Highways (DPWH) contribute to economic growth?
How does the Department of Public Works and Highways (DPWH) contribute to economic growth?
Which initiative is NOT associated with the Department of Social Welfare and Development (DSWD)?
Which initiative is NOT associated with the Department of Social Welfare and Development (DSWD)?
What is a critical aspect of governance that influences economic development?
What is a critical aspect of governance that influences economic development?
What impact does effective tax collection have on economic development?
What impact does effective tax collection have on economic development?
Which of the following is a function of the DTI in relation to SMEs?
Which of the following is a function of the DTI in relation to SMEs?
Why is quality infrastructure considered essential for economic activities?
Why is quality infrastructure considered essential for economic activities?
What role does DSWD play in relation to economic progress?
What role does DSWD play in relation to economic progress?
Which criticism highlights the ambiguous nature of institutional theories?
Which criticism highlights the ambiguous nature of institutional theories?
What is a key focus of the human development and capability approach?
What is a key focus of the human development and capability approach?
Which of the following is a challenge associated with the capability approach?
Which of the following is a challenge associated with the capability approach?
What does nominal GDP represent?
What does nominal GDP represent?
Which criticism of institutional theories suggests they ignore other influential factors?
Which criticism of institutional theories suggests they ignore other influential factors?
In resource-constrained environments, what is a major debate regarding the capability approach?
In resource-constrained environments, what is a major debate regarding the capability approach?
What challenge is associated with implementing institutional reforms?
What challenge is associated with implementing institutional reforms?
Which of the following is a measurable indicator of economic development?
Which of the following is a measurable indicator of economic development?
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Study Notes
Historical Perspective on Economic Development
- Pre-Colonial Era: Independent barangays existed, relying on subsistence agriculture, fishing, and barter trade with regions like China and India.
- Spanish Colonial Period (1565-1898): Encomienda system allowed Spanish control over local labor and land. Manila-Acapulco Galleon Trade intensified global economic connections, while introducing new crops and large agricultural estates, causing local poverty and unrest.
- American Colonial Period (1898-1946): Focused on infrastructure and public health improvements. Introduced public education to create a skilled workforce. The economy relied heavily on agriculture with key exports being sugar and coconut. Free trade agreements deepened dependency on the U.S. market.
Post-Independence Period (1946-Present)
- 1946-1960s: Early independence highlighted challenges in rebuilding the economy. Import substitution industrialization (ISI) was adopted to promote local industries but faced infrastructure and capital limitations.
- Human Capital Development: Emphasized investment in education and training to enhance workforce productivity.
- Infrastructure Development: Essential for economic activities; key agency is the Department of Public Works and Highways (DPWH).
- Technological Advancement: Promoted adoption of new technologies for productivity, overseen by the Department of Information and Communications Technology (DICT).
- Economic Diversification: Aimed to reduce reliance on single sectors.
- Social Inclusion: Ensured marginalized groups have equal opportunities for development.
Governance and Institutions
- Rule of Law and Regulatory Environment: Crucial for creating a stable business environment, ensuring efficient operations and protections for rights.
- Impact of Governance: Effective governance promotes economic development through institutional support.
Theories of Economic Development
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Classical Theories:
- Adam Smith: Advocated for free markets and competition for societal prosperity.
- David Ricardo's Comparative Advantage: Suggested specialization in certain goods for mutual trade benefits.
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Modernization Theory: Describes transitions from agrarian to industrialized economies, endorsing Western practices for growth.
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Dependency Theory: Argues underdeveloped nations are exploited by developed ones, seeking structural changes for genuine development.
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Structuralism: Emphasizes internal factors within countries influencing development, criticizing the overemphasis on institutions.
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Human Development and Capability Approach: Focuses on enhancing human capabilities, prioritizing well-being and social inclusion over mere economic growth.
Economic Development Indicators
- Gross Domestic Product (GDP):
- Nominal GDP: Total value of goods and services at current market prices.
- Real GDP: Adjusted for inflation to reflect accurate economic size and growth over time.
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