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Martial law and the Philippine economy

Author

Listed:
  • Emmanuel S. de Dios

    (School of Economics, University of the Philippines Diliman)

  • Maria Socorro Gochoco-Bautista

    (School of Economics, University of the Philippines Diliman)

  • Jan Carlo Punongbayan

    (School of Economics, University of the Philippines Diliman)

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.

Suggested Citation

  • Emmanuel S. de Dios & Maria Socorro Gochoco-Bautista & Jan Carlo Punongbayan, 2021. "Martial law and the Philippine economy," UP School of Economics Discussion Papers 202107, University of the Philippines School of Economics.
    • Handle: RePEc:phs:dpaper:202107
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    File URL: https://econ.upd.edu.ph/dp/index.php/dp/article/view/1543
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    More about this item

    Keywords

    martial law; Philippine economy; economic history; political economy;
    All these keywords.

    JEL classification:

    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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