Historical Context of Economic Development in the Philippines PDF

# Historical Context of Economic Development in the Philippines ## Presented by Group 1 ## Economic History - Economic history studies past economic events by applying economic theory to understand how historical contexts shaped economies. - Philippine economic history reflects growth alongside t...

# Historical Context of Economic Development in the Philippines ## Presented by Group 1 ## Economic History - Economic history studies past economic events by applying economic theory to understand how historical contexts shaped economies. - Philippine economic history reflects growth alongside the exploitation of resources by colonizers for their imperialist aims. - Studying our economic history allows us to understand the economic decisions being made today. ## Pre-Colonial Period (900s-1565) - Before the Spanish colonization, the Philippines had a vibrant economy characterized by trade with the neighboring regions, agriculture, and craft production. - The barter system provided the pre-colonial people access to imported goods that shaped their fashion, lifestyle, and governance systems. - Marketplaces called "tiangge" were where traders gathered. - Trade systems had routes to facilitate exchanges. - Subsistence and agriculture were often practiced in communities with economies relying on local resources. - Crop and livestock were produced for consumption and trade. - Skilled craftsmen and artists produced market goods. - Social structures had economic roles tied to social hierarchies by trade and craft specialization. ## Colonial Period ### Spanish Colonization (1565-1898) - Spanish implemented new agricultural practices and introduced crops like tobacco, coffee, and sugarcane, which became major export products. - The Colonial government established the encomienda system. - The barter system was replaced by a cash-based economy. - Galleon trade involves Spanish galleons participating in a trade across the Pacific and Atlantic. - Export-oriented agriculture shifted the local economies, and it often undermined some traditional practices. - Infrastructure improvements such as roads and ports were made to support trade for benefits. - Galleon trade route connected Manila to Mexico, facilitating the flow of goods and silver. - Agricultural production focused on trading cash crops.