Video: Understanding the Philippine Economy Through the Eyes Of Milton Friedman
If I were to believe Aquino’s economic team, it will be sunshine all the way but it isn’t. Initial market buoyancy from an Aquino victory has settled in and businesses are dealing with the same issues they faced since the 1935 Constitution – an economic environment that is skewed in favor of Filipinos who can meet the 60/40 equity requirements of the Philippine Constitution.
When chicken growers lobby to restrict imports, consumers pay higher prices. When rice imports are restricted, consumers pay higher prices for rice. The Philippine government rather than taking a market-driven approach opts to intervene in the market causing a distortion which either ends as a shortage of rice or a surplus of rice depending on whose administration you are referring to – and on what side of the political fence you sit on.
There’s a multitude of issues hitting the Philippine headlines everyday – and the information can be staggering and numbing. And yet, there is a need to make sense out of it – to connect the dots on why the Philippine economy behaves in the manner it currently does – oligarch-centric, boom and bust, low index of global competitiveness – thru the eyes of the 21st Century’s most ardent advocate of the free market – Milton Friedman.
The categories covered are
1) The Economy;and,
2) Poverty and Governance.
A “Food For Thought” section follows each video set and attempts to relate the principles presented in the video to present developmental debacles in the Philippines today. The underlying structure upon which headlines such as-
- Biggest ever: P24-B tax case filed vs Shell
- What went before: The Shell game
- Judge to make ruling despite Aquino’s amnesty decree
- DND activates panel to process amnesty applications
- Poverty rate due to GMA highway robbery’
- Soliman defends P21-B CCT in DSWD budget
- PCSO flaunts STL new look at Senate hearing
- Truth body now open vs grafters
are built, become clearer as you go through the videos.
Why is a resource-rich country so full of poor people? And yet the Philippines has at least three people among the world’s richest individuals. How did this come about? Why is the free market important? Why should we be vigilant against protectionism?
|Lesson of the Pencil
|Milton Friedman on the Dangers of Protectionism (Obama’s recent tariff on Chinese imports)
|Milton Friedman – More Liberty, Less Government
|Free Trade and the Steel Industry
|Socialism Versus Capitalism
Food for thought:
Have you noticed one of the reasons why the Philippines is not competitive is due to infrastructure? How is infrastructure connected to the following industries?
- Philippine Steel Industry
- Philippine Power Industry
- Philippine Cement Industry
- Philippine Airline Industry
- Philippine Telecommunication Industry
- Philippine Transportation Industry
- Philippine Water Utilities
- Philippine Electric Utilities
- Philippine Retail Industry
- Philippine Tourism Industry
Food for thought:
What is a better use of the next six years – Aquino’s proposed anti-trust law versus charter change to liberalize the economy.
Resistance of Filipino companies against economic liberalization.
POVERTY AND GOVERNANCE
What would have Milton said as Aquino and Arroyo perform their pissing contest on how to spend other people’s money – you know. Dinky’s DSWD budget, Noy’s Pork Barrel, Gloria’s Road Board Fund, etc etc – and all the merry men who horrifyingly call themselves “honorable”. Not to mention, the men in the hills and their bosses in suburban Europe.
|Milton Friedman – Redistribution of Wealth
|Milton Friedman – Other People’s Money
|Responsibility to the Poor
|Milton Friedman – The Free Lunch Myth
|Milton Friedman – Socialized Medicine
|Milton Friedman – Why Drugs Should Be Legalized
|The Most Persistent Economic Fallacy of All Time!
Food for thought:
- Dinky Soliman’s DSWD Budget
- Pork Barrel – Aquino, Congress, Senate
- Arroyo and the Road Board Fund
- The RHB as Socialized Medicine. The dark side of the RHB’s economics.
- Legalization of Gambling – not just jueteng.
- Are government employees being productive and adding value to the Philippine economy?
Should the budget of state universities be reduced? Should investment in education be limited to Filipino corporations only? Isn’t it about time to open up the education sector to foreign owned or foreign majority joint venture private institutions that can provide more appropriate, relevant and cost-effective education content? How do we make certification in MCSE, CCNA, A+ and other courses become more accessible to the Filipino market? How do we get degrees online with a decrepit policy environment in education and investments? Our choices should not be limited to crappy secular schools and lousy state universities.
|Milton Friedman On Education (Part One)
|Milton Friedman On Education (Part Two)
|Milton Friedman On Education (Part Three)
|Milton Friedman On Education (Part Four)
|Milton Friedman On Education (Part Five)
Until the Philippines learns the lessons of the past, it will be doomed to repeat it, Protectionism and the Philippine oligarchy – new faces, same old scripts. At the end of the day, it’s not about the puppets – it’s about the puppet masters and this theater (corporate boardroom, stock market, chambers of commerce, industry associations, wholesalers, retailers, consumers) of the absurd called the Philippine economy.
|MCC Philippine Compact
I hope you will find the clips as enlightening and entertaining as I have. At the very least, may it give you an idea of where the Philippines is headed (and not headed to) in the next six years, what to expect. Preparedness after all is the better part of valor in these turbulent times.