Martial law and the Philippine economy

Emmanuel de Dios (), Maria Socorro Gochoco-Bautista and Jan Carlo Punongbayan
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Maria Socorro Gochoco-Bautista: School of Economics, University of the Philippines Diliman
Jan Carlo Punongbayan: School of Economics, University of the Philippines Diliman

No 202107, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: Part of a proposed anthology, this article provides a concise review of the economic performance during the period of the Marcos dictatorship (1972-1985) from a comparative historical perspective. We examine the external events and internal policy responses that made possible the high growth in the early years of martial law and show that these are integral to explaining the decline and ultimate collapse of the economy in 1984-1985. The macroeconomic, trade, and debt policies pursued by the Marcos regime—particularly its failure to shift the country onto a sustainable growth path—are explained in the context of the regime’s larger political-economic programme of holding on to power and seeking rents.

Keywords: martial law; Philippine economy; economic history; political economy (search for similar items in EconPapers)
JEL-codes: N15 O53 P48 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2021-11
New Economics Papers: this item is included in nep-his and nep-sea
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Published as UPSE Discussion Paper No. 2021-07, November 2021

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Persistent link: https://EconPapers.repec.org/RePEc:phs:dpaper:202107

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