NAME: Santos, Steven Ely A.

YR & SEC: BS ARCH 1-1

Foreign Capitalism in the Philippines

I. Introduction

Well defined as an economic system in which private individuals or
business firms carry on or owned the production and exchange of goods and
services, through a complex network of prices and networks, is generally
known as capitalism. It was Karl Marx, the founder of communism, who
introduced the term capitalism dated about around mid-19
th
century. But it
is Adam Smith, a Scottish philosopher, who introduced the essential
economic principle behind capitalism.

II. Foreign Capitalism: Ticket to Future Advancement

In the Philippines, capitalism may be rooted its early beginnings from
the colonialism of different nations. It is in this era wherein, the colonizers
introduced their economic systems, as a part of colonizing the country as a
whole. This kind of economic system was very evident in Spanish era, where
one of the advancement they introduced was the Tobacco Monopoly. It was
also evident in Chinese era, where they introduced mercantilism. Due to this
matter, the previous economic system known as the barter system finally
makes way to its curtain call, and the birth of capitalism has evolved. It was
in the Marcos regime where the Philippines became a free-market of foreign
capitalism, especially for the US. As to this moment, it is still evident in our
society that this system kept its consistency and thus, still evolves through
time. Many economists decline this kind of economic system, for some of
them firmly believe that the Filipinos became dependent with the
advancement of this system, especially with the introduction of business
processes outsources. As for the stand of the researcher about the topic, he
is not against with this economic advancement, and thus, supporting foreign
capitalism here in the Philippines. Admit it or not, different foreign capitalists
have helped a lot in the betterment of the economic status of the
Philippines. This economic system has also helped in reducing the
percentage of unemployment rate of the country. Though it also resulted to
a higher number of underemployed in Philippines, it has been sensitive to
minor details like educational attainment of job seekers, for some foreign
capitalists, especially with some call center agencies, that already accept
high school graduates as long as they have meet the requirement for the
job. Moreover, this type of economic system have also affected the way
Filipinos have thought of their business strategies to meet the demand of a
marketable product. This have been a great opportunity for Filipinos to think
more out of the box, just to leveled up with the demands and expectations
of a free-market. Foreign capitalism has also contributed a lot in the
advancement of entrepreneurship itself in the country. This has been very
evident especially in the field of technology. Many foreign capitalist
recognized the capabilities of Filipinos in developing programs that were not
locally impressive, but actually having a good potential for worldwide
market. This has been a positive review from foreign capitalist, for this has
been a good reminder that the Philippines were updated by the globalization
of almost all the country in the south-east, and that of the Philippines were
ready for global domination.

III. Conclusion

As for the conclusion of the researcher about the stand about the
topic, he is considerate enough to know that foreign capitalism have also its
consequences, in terms of accepting it in the circulation of the economy of
the Philippines. He is also not in the right position to conclude its viability in
terms of acceptance of the Filipinos about this economic system. For his
point to be well-noted by other people, he made his stand about this topic,
for he firmly believe that this may be one of the ways that the Philippines
may attain a higher level of economic status. On the other hand, he firmly
believes that this is not a key or answer for problems resulted from poverty
in the Philippines, since many problems caused by poverty are moral at
their very core. It is with us to judge this economic system, but be
considerate enough to look always for the brighter side. Moreover, people
must learn not to divulge with the idea of sticking up with the social norms,
for like what Frank Zappa says Without deviation from the norm, progress
is not possible.
















BIBLIOGRAPHY

Internet Sites:

A. http://authspot.com/thoughts/is-capitalism-good-or-bad-in-the-
philippines/
B. http://filipinosocialism.wordpress.com/2007/08/01/the-philippine-
society-in-a-globalizing-capitalism/

Articles:

A. http://www.philstar.com/cebu-business/789075/foreign-capitalist-
plans-open-ventural-capital-facility-cebu
B. http://www.philstar.com/business-life/2014/01/27/1282900/foreign-
aid-accept-caution