The tragedy of EDSA


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THE tragedy of the "EDSA People Power Revolution" involves three inarguable facts. It merely reinstated elite rule, and the political system that maintains their power. It allowed the growth of insurgencies that have scared away investments. It demonized the kind of state-directed economic policy responsible for the growth of the "Dragon and Tiger" economies of Asia. The tragedy of EDSA is that it didn't help us much in achieving economic growth on a scale our neighbors did. First, while toppling a dictatorship, EDSA swiftly restored the Philippines' anarchy of elite families that was the situation since the nation's birth. This...