Social extraction, political competition, wealth distribution, and economic performance : the Philippines

Villanueva, Delano
East-West Center. Program on Regional Economics and Politics
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Honolulu, HI : East-West Center
This paper is about the interrelations between social extraction, political competition, wealth distribution, capital accumulation, and economic performance in the Philippines. The major objective is to explain the long-term macroeconomic performance of the Philippines concerning developments in the distribution of income and wealth and in the growth rate of per capita capacity output. For this purpose important sociological and political features of the economy are incorporated in an aggregative endogenous growth model, and their economic implications are drawn to shed light on the broad contours of Philippine macroeconomic history. Section II develops a theoretical framework for the analysis, which is used to explain the Philippine experience in Section III. Section IV concludes with several policy implications for a successful strategy of economic development.
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