History is the study of man’s past and his decisions in order to find relationships between the events and causes for them

History is the study of man’s past and his decisions in order to find relationships between the events and causes for them. According to Reddit, the Philippines back then were considered as second to Japan not until after 1972. Where the Marcos Administration had started. The people believed that during his term, the Philippines is at its “Golden Age” but looking on to the basic data accumulated by Philippine Statistics Authority, it’s a big lie to believe on. A continuous increased in GDP per capita or the income per person usually marks the overall improvement in economic welfare. But in 1982, the Philippine GDP per capita declined and did not improved not until 21 years later. It means that the severe retrogression of Filipinos’ income per person testifies to a truly dark era in our economic history. Therefore it is fictitious to delineate that Marcos regime brought the Philippine economy through its golden age. The Philippines did recovered this phenomena however by the time they recovered the 1982 income levels, our neighboring countries such as Malaysia, Indonesia, Thailand and South Korea’s incomes had already grown between two to four times which made us the “Sick Man of Asia” according to the data presented by the World Development Indicators. (WDI) The country has lost so much and had to do a lots of catch up to be on track again. The country’s stock of debts grew exponentially in the late 1970”s, and this imprudent debt management burst into a full-blown crisis by 1983.

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