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Advantages Of Capitalism In The Philippine Economy

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CAPITALISM: THE IDEAL PHILIPPINE ECONOMIC SYSTEM
Discussing what type of economic system our country should have is the main objective of this paper. Evidences supporting the argument stating that Capitalism is the system of economy that the Philippines should implement at present are also discussed.
Deciding on what kind of economic system is suited for our country nowadays is very hard given the factors that has to be considered. To make it easier, the choices should be ruled out one by one with regards to Philippines’ current situation until we arrive at what is best for our country at the moment. Among three possible systems, Mercantilism proposed by Mun and the Mercantilists (ND) should automatically be out of the question since giving …show more content…

(Citation, ND) This seems pretty obvious and just about right for us, where there is the element of balance in our economy due to the fact that the government decides alongside private sectors. But in reality, it is like combining two solvents into a mixture that can be very dangerous and leads to catastrophe. So far, all this system does to our country is merge the unstoppable government corruption with the rampant abuse of human rights of private companies. It has no principles to limit the government’s exercise of coercion; it has nothing to define its policies, goals, or laws. Unveiling the pretty cover-up, everyone’s interests are always on a public auction block, and no one’s interests are safe except from those who are in position. It may even lead to dictatorship, also. (Rand, …show more content…

Many will argue that it is not the ideal economic system for the Philippines today but leaving the people and the market alone is better than watching our own government drain what is left of our country’s resources. Capitalism will redirect the government to what Adam Smith said to be its supposed functions: to see to it that there is a provision of public good, there is a national defense, an internal order, and, most importantly, make sure there are no existing monopolies (Pressman, ND)—which addresses the main problem, the government itself, for politicians are also the ones running big businesses which pretty much is a public

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