Globalization versus Integration - The Quest for Appropriate Market System in the Philippines

Abstract

The Philippines is essentially a nation of micro and small producers living in a group of islands that is very rich in agricultural, fisheries, forest, mineral, and touristic resources. Hence, the participation of this nation in the global economy should be grounded on this structure and resource endowment. While these define the demographic and economic makeup of the Filipino, it is his deep socio-political and moral belief in freedom and capitalism that has shaped his psycho-cultural make-up. It is his deep conviction that progress must come with and thru the exercise of civil liberties, that has led to a doctrinaire adherence to market economics enforced by a rigid institutional systems in finance, governance and laws.