REACTION PAPER Commanding Heights: The New Rules of the Game By: Laura Jean L.

Abando

A single market in which everyone has a stake, but no one has control.

Globalization tends to move everyone in one single course, the free market. As such, the open market has become the central government in the whole world. Each is in competition of everyone, each against each and all are leaders of his own and not a follower of anyone.

This reaction paper chooses to make a comparison of the Philippine experience and those of the nation highly given notice of the effect of the move from the state controlled economies towards the free market.

THE REFORM THAT CLINTON MADE IN AMERICA

What's the good of having a country if you're going to let it go down the drain? B. Clinton, 1992 Presidential Election Then President Clinton advocated strengthening the labor force, believing that investment should at home so that job would not go offshore. Ironically when

he was admitted to Office, he went to support the North America Free Trade Agreement (NAFTA) fortifying trade outside the United States of America and increasing labor outside and not in his land. For supporters of NAFTA,

trade embodies an idea: that open markets create wealth, bind nations together, and help construct a more prosperous -- and a more secure -- world.

Clinton may have not achieved his primary advocacy, however hes decision changed his country and the world. As more jobs and investment flourished in his neighbor country, Mexico. This is what global market movement made it tend to spread the opportunities and wealth outside the developed nation, which have been good and bad.

AS PENSION FUNDS BECOME A FORM OF LIVING

Because the world is getting smaller and smaller, as we say, and the growth of the global economy, as we say, this is... The real source of change in today's world, whether anybody likes it or not, increasingly are large pension funds. Bill Crist, President of California Public Employees' Retirement System

Crist, who controlled one of the largest pension fund, believed that the free market can make global stability. Indeed, CalPERS proved it right. But that is not simple as can be surmised. It seems that for one to make it globally, two things is

necessary: (1) the credentials and (2) product. CalPERS is fortunate that it has won the needs of people thus it hit globally.

THE ASIAN ECONOMIC MIRACLE

Ever since I was a child, I have been wanting to be a multimillionaire. I wanted to be rich. I wanted to do something that no one has done -- build a luxurious condominium. I knew a lot of rich people and multimillionaires would like to take time off to play golf, to enjoy the fresh air in the mountains, which you cannot find in Bangkok. - Sirivat Voravetvuthikun, Former Real Estate Developer, Thailand

IN CHINA, as seen, the leaders had embraced markets and welcomed hundreds of billions of dollars of foreign investment. Almost one-quarter of the world's population was entering the global market for the first time (Commanding Heights, The New Rules of the Game). Indeed the uniform move of a big

population had a big impact in the world market. Such has made Asia significantly known in the globe. For it may good for Asia, it has been a threat to others worldwide.

IN SINGAPORE, the country may have a small landmass and a minute population, but it had proven terribly that it can be made known worldwide. As

said, the countries that make themselves relevant become better off; their people become better off.

JAPAN had a different approach, being the great exporter it protected its domestic industries; as if doing the advocacy of Clinton then. It is admirable of Japan to have fought for its people and made it best worldwide. It took risk to be conservative and not adopt the global trend but acted aggressively and be on top of the world.

THE GLOBAL IMPACT

Capitalism may have various consequences, but the same is so expectedly patterned from liberalization from government handcuffed civilization to an economic free-willy that is for sure to soar high and then plummet sharp.

The continued adaption of the free market led to a central and uniform trend of globalization. Seemingly, all who have moved away from the central government naturally moved to single scheme of a central market.

THE FILIPINOS SHARE

The Philippines may not have become a communist nation, although it was once under a dictatorship. Similarly, the change that 1986 EDSA Revolution caused the Filipinos was a long been desire. However the dream was not an absolute reality, as freedom from the dictator may have been obtained, but the freedom from poverty was not for all nor for many. The democratic government, which primary aims freedom of economy effectuated a highly stratified economic life standing to every individual and to put it simply, there are various poor people and rich few.

As reform in the government made a few oligarchs harvest what so many have sowed, coup de tat followed and several of it continued. The country that brought the single dictator down due to prison like existence was incarcerated to democracy for a few blessed. The democratic government embraced the wisdom of free market which among Filipinos are make the rich richer and the poor poorer. This has been the biggest political issue that lingers until the present time.

But capitalism in the country, unlike others, are appreciated to be more political than not. Leaders favored the most powerful few for a claim in a post and a maintenance on the same. In this country, the most powerful few are those who controls the market, as the same is manuevered and geared on the same. And that either protects the Philippine economics or only the Pinoy Trapo. At present, it seems the latter.

However, the Philippines are of better potentials, being known to be globally competitive in all aspect, especially the human aspect, ironically the same is better utilized in other nation than ours. We are known to export our talents and leave our homes unattended.

As such, other than the few lucky merchants that enjoys the prime crops, the other prime crop of talents are enjoyed not by the Filipinos but the other nations that run their civilization with a Filipino contribution.

Indeed the Philippines has truly gone into capitalism but have not embraced it for the Philippines but each for each Filipino.

In compliance with the requirement of the Subject Corporation Finance

This reaction paper is prepared and submitted to:

ATTY. ELBA CRUZ Professor