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    Major Economic System and The Current Economic System of The Philippines

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    Gerrive Oliveros
    The document discusses different economic systems and the current economic system of the Philippines. It describes capitalism as an economic system based on private ownership of capital and production for profit. Communism is described as being based on communal ownership and the absence of class. Socialism emphasizes equality over achievement and values workers based on time worked rather than value produced. The document states that the Philippines has a mixed economy, with some sectors like agriculture and mining having government regulations while others like private enterprises operate freely in a market economy.

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    Major Economic System and The Current Economic System of The Philippines

    Uploaded by

    Gerrive Oliveros
    29 views2 pages
    The document discusses different economic systems and the current economic system of the Philippines. It describes capitalism as an economic system based on private ownership of capital and production for profit. Communism is described as being based on communal ownership and the absence of class. Socialism emphasizes equality over achievement and values workers based on time worked rather than value produced. The document states that the Philippines has a mixed economy, with some sectors like agriculture and mining having government regulations while others like private enterprises operate freely in a market economy.

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    Econ

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    Economic_System.docx;filename_= UTF-8''Economic System

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    The document discusses different economic systems and the current economic system of the Philippines. It describes capitalism as an economic system based on private ownership of capital and production for profit. Communism is described as being based on communal ownership and the absence of class. Socialism emphasizes equality over achievement and values workers based on time worked rather than value produced. The document states that the Philippines has a mixed economy, with some sectors like agriculture and mining having government regulations while others like private enterprises operate freely in a market economy.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    29 views2 pages

    Major Economic System and The Current Economic System of The Philippines

    Uploaded by

    Gerrive Oliveros
    The document discusses different economic systems and the current economic system of the Philippines. It describes capitalism as an economic system based on private ownership of capital and production for profit. Communism is described as being based on communal ownership and the absence of class. Socialism emphasizes equality over achievement and values workers based on time worked rather than value produced. The document states that the Philippines has a mixed economy, with some sectors like agriculture and mining having government regulations while others like private enterprises operate freely in a market economy.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Carlyn Joy T.

    Paculba
    BSA- III

    Major Economic System and the Current Economic System of the


    Philippines

    Capitalism is a system of economics based on the private ownership of


    capital and production inputs, and on the production of goods and services for
    profit. The production of goods and services is based on supply and demand in
    the general market (market economy), rather than through central planning
    (planned economy). Capitalism is generally characterized by competition
    between producers. Other facets, such as the participation of government in
    production and regulation, vary across models of capitalism.

    A political and economic ideology based on communal ownership and


    the absence of class. Communism, which can be thought of as capitalism's
    opposite, says that in a capitalist society, the working class (the proletariat) is
    exploited by the ruling class (the bourgeoisie).

    While based on a Utopian ideal of equality and abundance, as expressed


    by the popular slogan, "From each according to his ability, to each according
    to his need," communism in practice has only existed under authoritarian
    government and has been the source of millions of human rights violations and
    deaths.

    Socialism is an economic and political system based on public or


    collective ownership of the means of production. Socialism emphasizes equality
    rather than achievement, and values workers by the amount of time they put in
    rather than by the amount of value they produce. It also makes individuals
    dependent on the state for everything from food to health care. China,
    Vietnam and Cuba are examples of modern-day socialist societies. Twentieth-
    century socialist governments were overthrown in Czechoslovakia, East
    Germany and the U.S.S.R.

    Philippines has a mixed economy. We have free enterprise where private


    investors are free to open production and market them anywhere in the country
    or resort to exportation. However, there are sectors within the economy that
    operates with government control. There are rules and regulations to follow
    especially those sectors that are equated with concerns of national health,
    national security and national interest.
    Take the case of agriculture. Cereals and other agri-aqua
    production must be in the hands of the Filipino farmers/fishermen. Selectively,
    palay and corn farmers are given incentives by the government in the form of
    subsidized buying price.

    Corporations engaged in agriculture, mining, and fishing are required to


    be of Filipino owned or majority must be Filipino citizens. Before they embark on
    industrial production, they have to consider certain government regulations
    attached to them. Because of these limitations, dummies are deemed illegal
    and are brought to court for prosecution.

    In short, the economic activities in the Philippines are both free of


    intervention and with government regulations. It may be regared as mixed
    economy.

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