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date: 20 February 2020

Abstract and Keywords

This article provides an overview of the institutional structure of the business system of the Philippines. It explores the role of the state, the financial system, ownership, and corporate governance, the internal structure of the firm (management), employment relations, education and skills formation, inter-company relations (networks), and social capital. It argues that the Philippine state is predatory and its business system exemplifies inequality-trapped capitalism, a configuration in which inequalities beget further inequalities and thus continued poverty. The resulting power differentials in society are connected to paternalism and clientelism in society and management. Given that the Philippines is already a leading source of migrant labour, its likely trajectory is toward exodus, or migration-trapped, capitalism. This article contributes directly to the business systems and varieties of capitalism literature and identifies institutional contingencies for comparative and international social science research in general.

Keywords: Philippines, Asia, business systems, varieties of capitalism, institutions, inequality, migration, poverty, predatory state, paternalism

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