Questions and Answers
What does economics study?
What was the result of the Tydings-McDuffie Act?
Fostering economic growth and deepening dependency on the American market.
The Bell Trade Act of 1946 constrained economic ties with the United States.
False
What was a major challenge faced by the Philippines after gaining independence in 1946?
Signup and view all the answers
What economic policy did the Philippine government pursue during the early independence period?
Signup and view all the answers
The _____ declared by President Ferdinand Marcos in 1972 marked a tumultuous period for the Philippine economy.
Signup and view all the answers
What was a consequence of the declaration of martial law in the Philippines?
Signup and view all the answers
What major event led to the ousting of President Ferdinand Marcos?
Signup and view all the answers
The Spanish colonization of the Philippines benefited the local economy equally.
Signup and view all the answers
What reforms did President Corazon Aquino focus on during her administration?
Signup and view all the answers
Study Notes
Overview of Economics
- Economics studies scarcity, resource utilization, incentives, and decision-making.
- It encompasses not just finance but also the interpretation of historical trends and future predictions.
Scarcity
- Defined as the finite availability of resources to produce limited economic goods.
- Involves both human and nonhuman resources and their optimal utilization.
Post-Independence Economic Development (1946-Present)
Early Independence (1946-1960s)
- Post-World War II, the Philippines focused on rebuilding a war-torn economy.
- Import substitution industrialization (ISI) policies were implemented to reduce import reliance and boost local industries.
- The Bell Trade Act (1946) and Laurel-Langley Agreement (1956) maintained U.S. economic ties while restricting autonomy.
- Industrialization faced challenges such as inadequate infrastructure, limited capital, and political instability.
Martial Law and Economic Challenges (1970s-1980s)
- Martial law declared by Ferdinand Marcos in 1972 led to a period of substantial government infrastructure projects and foreign loans.
- Economic issues included crony capitalism, corruption, high inflation, and human rights violations.
- By the mid-1980s, the economy faced severe crises, resulting in the People Power Revolution in 1986 which ended Marcos' regime.
Democratic Restoration and Economic Reforms (1986-2000s)
- Corazon Aquino’s administration (1986-1992) aimed to restore democracy and reform the economy.
- Key efforts included economic liberalization, attracting foreign investments, and reducing the fiscal deficit.
- Introduction of new agricultural crops (tobacco, corn, cacao) and the establishment of haciendas marked shifts in agricultural production.
- Subsequent administrations continued reforms promoting privatization, deregulation, and trade liberalization.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on the major exports and economic concepts related to scarcity and decision-making in economics. This quiz covers the impact of free trade agreements, such as the Payne-Aldrich Act and Tydings-McDuffie Act, on national economies. Challenge yourself to understand the complexities of wealth, finance, and market dependency.
