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Booty Capitalism: The Politics of Banking in the Philippines
Abstract
In the early postwar years, the Philippines seemed poised for long-term economic success; within the region, only Japan had a higher standard of living. By the early 1990s, however, the country was dismissed as a perennial aspirant to the ranks of newly industrializing economies, unable to convert its substantial developmental assets into developmental success. Major reforms of the mid-1990s bring new hope, explains Paul D. Hutchcroft, but accompanying economic gains remain relatively modest and short-lived. What has gone wrong? The Philippines should have all the ingredients for developmental success: tremendous entrepreneurial talents; a well-educated and anglophone workforce; a rich endowment of natural resources; a vibrant community of economists and development specialists; and abundant overseas assistance. Hutchcroft attributes the laggard economic performance to long-standing deficiencies in the Philippine political sphere. The country's experience, he asserts, illuminates the relationship between political and economic development in the modern Third World. Through careful examination of interactions between the state and the major families of the oligarchy in the banking sector since 1960, Hutchcroft shows the political obstacles to Philippine development. 'Booty capitalism,'he explains, emerged from relations between a patrimonial state and a predatory oligarchy. Hutchcroft concludes by examining the capacity of recent reform efforts to encourage transformation toward a political, economic order more responsive to the developmental needs of the Philippine nation as a whole.
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“One dominant segment of capital emerged and remains hegemonic to the present: the diversified conglomerates of oligarchic families (Hutchcroft 1998: 82-84).”
From Strong Demands and Weak Institutions: The Origins and Evolution of the Democratic Deficit in the Philippines (2003) · cites this paper as Hutchcroft 1998
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Metadata
- Authors
- Hutchcroft, P. D.
- Corresponding author
- Hutchcroft, Paul D.
- Venue
- Cornell University Press eBooks
- Publisher
- Cornell University Press
- Published
- 1998-01-01
- OpenAlex
- W4250954815
- Cited by
- 405
- References
- 0
- Citations by year
- 2026: 8 · 2025: 10 · 2024: 22 · 2023: 6 · 2022: 43 · 2021: 8 · 2020: 4 · 2019: 9 · 2018: 11 · 2017: 11 · 2016: 27 · 2015: 8 · 2014: 10 · 2013: 11 · 2012: 6
- FWCI
- 5.40
- Type
- book
- Language
- en
- Open access
- closed
- Locations
- Cornell University Press eBooks (publishedVersion)
- Topics
- Social Sciences › Political Science and International Relations › Asian Industrial and Economic Development
- Social Sciences › Anthropology › Philippine History and Culture
- Social Sciences › Development › Culture, Economy, and Development Studies
- Keywords
- political economy, patrimonial state, banking sector, state-business relations, postwar Philippines, economic reform, Third World development
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