Upgrading the Philippine Economy

With much of the developed world hobbling under the burden of massive public debt, The Economist couldn't resist the opportunity to encourage a global, multi-trillion-dollar "new wave of privatizations, this time centered on property." Unsatisfied with earlier waves of privatization, which focused on the banking sector, transport, telecoms, and utilities. It raised the specter of 21st century Thatcherism, where privatization allows governments to"cut their debts and improve their credit ratings," and, in the process, enhance "the economy's efficiency by boosting competition and by applying private-sector capital and skills to newly privatized assets."

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