The five decades that have passed since Marcos declared martial law is an opportunity for stocktaking relative to the present. This piece is a summary comparison of the character of the economy that existed under the Marcos regime and the current structure and problems experienced by the post-millennial economy. The stark differences described are unfortunately still not fully reflected in current economic discussions, a good part of which is still preoccupied with issues pertaining to a vanishing past. This prevents the country from confronting its real problems and exploiting new opportunities.

JEL Classification: N15, O53

martial law; Marcos; services economy; business-process outsourcing; overseas remittances; Philippine development strategies; protectionism and liberalisation