Posted: 30 November 2021
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MARCOS WEAKENED THE PHILIPPINES FROM THE MODEL OF THE THIRD WORLD IN 1965, TO A BANKRUPT ECONOMY BY 1983.
The trajectory of the Philippines is really higher and stronger since Marcos' sitting in 1965. We are models of Third World, and recognized as number 2 in Asia after Japan. We rose rapidly after World War II, and our industry has continued to grow.
Marcos imposed Martial Law in 1972. He showed off a lot of reforms in the first three years of Martial Law. Along with his authoritarian regime similar regimes in South Korea and Singapore. But later, the leadership of those regimes was seen to have a huge difference in Marcos.
William Overholt, an expert on Asia and US-Asia relations, with a long history of analyzing Asia for both the public and private sectors and served as a political advisor to the Philippine Department of Agrarian Reform, that as of 1975, said Marcos' reform machine has no strength anymore. Instead of pursuing the reform, Marcos is dealing with the interests of his family and his cronies. He replaced his cronies' former oligarchs' grasp of the economy. Instead of prioritizing job creation, big capital-intensive and not job-generating projects were prioritized because it was easy to rob the big loans associated with them and hide the theft in his Swiss bank accounts.
In future articles, we will list one by one the right and wrong steps of Marcos, and why until now, we are still paying for those big mistakes in poverty.
We highlighted in this poster some major points in William Overholt's book so that we won't forget. There is a link below to this important work. Read this book for yourself. We will know or remember a lot about Marcos' 20 years.
🔍 The Rise and Fall of Ferdinand Marcos by William Overholt
http://www.overholtgroup.com/media/Articles-Philippines/The-Rise-and-Fall-of-Ferdinand-Marcos-Asian-Survey.pdf
