Booty Capitalism : : The Politics of Banking in the Philippines / / Paul D. Hutchcroft.

• Superior document: Title is part of eBook package: De Gruyter Cornell University Press Archive Pre-2000
• VerfasserIn: Hutchcroft, Paul D.,
• Place / Publishing House: Ithaca, NY : : Cornell University Press, , [2019]; ©1998
• Year of Publication: 2019
• Language: English
• Physical Description: 1 online resource (296 p.) :; 7 halftones, 5 tables

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.

Table of Contents

Frontmatter -- Contents -- Preface -- List of Abbreviations -- Introduction -- 1. The Political Foundations of Booty Capitalism in the Philippines -- 2. The Foundations of Modern, Rational Capitalism: "Bringing Political Arbitrariness to Heel" -- 3. Patrimonial States and Rent Capitalism: The Philippines in Comparative Perspective -- 4. Private Interests and Public Resources: The Historical Development of the Philippine Banking System -- 5. "Open Sesame": The Emergence of Private Domestic Commercial Banks, 1960-1972 -- 6. Bank Reform and Crony Abuses: The Martial Law Regime Deals with the Banking Sector, 1972-1980 -- 7. Further Reform, Further Failure: Technocrats, Cronies, and Crises, 1980-1983 -- 8. Cleaning Up: The Fernandez Years, 1984-1990 -- 9. Death, Resurrection, and Renovation: The Philippine Banking Sector in the 1990s -- 10. The Philippine Political Economy at the Crossroads -- Appendix 1: Total Assets, Philippine Commercial Banking System, 1900-1995 -- Appendix 2. Total Assets, Philippine Commercial Banks (by Rank and by Percentage of Total Assets of all Commercial Banks), Year-End 1955-1995 -- Appendix 3. Concentration Ratios (Based on Total Assets of Largest Commercial Banks), 1960-1995 -- List of Interviews -- Subject Index -- Author Index