Word: aquinos
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Again, the economy is in a terrible state. The country has endured four years of "negative growth"--declining prices for major export crops, especially sugar. It suffers under a per capita debt burden of $1500, but per capita earnings are only about half that. Aquino's extraordinarily muddled set of policies and priorities in response to these problems conspire to make a bad situation even worse...
While Mrs. Aquino remains an important symbol of the spiritual purity and moral tenor of the new regime, she seems unable to clean out the stables. Political opportunists continue to jockey for position and to exploit every conflict within her government...
...still an open question whether Mrs. Aquino and her supporters will be able to orchestrate the transition from the crony capitalism and unbridled greed of the Marcos years to a fairer distribution of economic and political power. If the First Lady fails to do so, then the verdict will be that she could neither paper over the cracks nor rewrite the script for Philippine society...
...Aquino succeeds, then the February revolution in '86 will be consummated against all the odds...
Jeremy Oppenheim is a research assistant at the Harvard Institute for International Development. He served as a consultant to the Aquino government on industrial policy...