For many developing economies with colonial history, the prospect of trade liberalization almost always hits a raw nerve, given how unfair trade policy was imposed on them in the past. However, in the last few decades, a consequential phenomenon has emerged: globalization was embraced, even by developing economies. The Philippines was part of that phenomenon. After the People Power Revolution in 1986, the newly installed democratic government implemented notable trade reforms. With a still fragile economy, political instability, and strong opposition against trade liberalization, what could have prompted the Philippine government under Corazon Aquino to implement trade reforms and eventually accede to ASEAN Free Trade Area (AFTA), and how did the succeeding administration of Fidel Ramos sustain those reforms?
This book examines why the Philippine government came to implement trade reforms and accede to AFTA despite impediments. It presents a comprehensive framework for analyzing foreign economic policy by examining the interaction between domestic and international factors.
Published in 2022.