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Perils Essay

713 words - 3 pages

The Perils of Privatization
The Perils of Privatization

Initially, privatization allows governments to decouple from an unsustainable state-led economic model, which reduces fiscal pressures and provides space for entrepreneurial experimentation. But, from India to Brazil and Turkey, we have seen how several years of impressive economic expansion, under the guidance of market-oriented governments, has been followed by an explosion in public discontent over endemic corruption, macroeconomic uncertainty, and slowing growth -- signifying a major gap in the relationship between the state and markets.
Among newly-emerging economies such as the Philippines, recent economic gains have largely ...view middle of the document...

I read the article mentioned about The Economist once again reflexively calling for pro-market reforms and yet again kick starting privatization. I'm glad to know I'm not the only one who held any reservations.
Maybe what we can learn from this is that "cautious privatization" should be encouraged; that is, allow limited and incremental privatization while taking note of past failed privatization efforts due to cronyism and oligarchy, for instance setting up an independent regulatory board that guarantees the integrity of public-private partnership deals. In any case, I agree with the assertion that any economic gains have yet to "trickle down" to the masses.
If anything, the past few year's economic growth has largely benefited the upper classes and the higher levels of the middle classes to the disadvantage of broader social projects. And by today’s administration, President Aquino gained profit on establishing the integrity of business levels; with this productivity foreign investors are encouraged to invest more on our businesses. Which means more opportunities are intended to be added on job fair and hiring activities here in our country. This would not be possible without the efforts of government administration both local and national to promote how our country enriches its profit of socialization.
As we all know privatization takes a lot of...

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