Answer:
Capitalism, as a core concept in Marxism, is an economic system where the means of production (factories, land, technology) are privately owned and operated for profit. Marxists argue that this system inherently creates inequality and exploitation.
The Philippines is often characterized as a country with a complex economic structure, blending elements of feudalism, colonialism, and capitalism. While it's a complex interplay, capitalism is undeniably a dominant force shaping the country's economy.
Two Examples of Capitalism in the Philippines:
1. Oligarchy and Economic Control: A small group of powerful families, often referred to as oligarchs, wield significant economic control in the Philippines. They own large corporations and influence key industries. This concentration of wealth and power in the hands of a few is a classic characteristic of capitalist systems. These oligarchs often maintain their positions through political connections and influence, reinforcing their economic dominance.
2. Labor Exploitation and Inequality: The Philippines has a large pool of cheap labor, a condition attractive to capitalist enterprises. Many workers, especially in manufacturing and service sectors, face low wages, long hours, and poor working conditions. This exploitation of labor, where surplus value is extracted from workers to generate profit, is a fundamental aspect of capitalist accumulation. The resulting income inequality is a stark reality in the Philippines, with a small wealthy class and a large impoverished population.
