This paper attempts to show the extent to which a faction of the Philippine technocracy during the martial law years utilized its social capital (used interchangeably with cultural capital) to become a potent economic bloc in society only to see it gradually depleted.Led by then Prime Minister and concurrent Finance Minister Cesar E.A. Virata, this bloc consisted of key senior economic officials who were closely associated with IMF-World Bank policies. Their social capital was founded on their family and educational backgrounds, paving the way for their acquisition of the technical expertise required by the business community and later, by government. What set them apart from the other pre-martial law technocrats was their support for an export-oriented and foreign investment-friendly industrialization policy shared by Marcos and the  IMF-World Bank. The social capital of this bloc grew due to their ability to access foreign loans, gain international support, and function as a deterrent to corruption.Marcos, however,  proceeded to undermine this bloc’s capital by doing the following: 1) limiting the Virata faction to the economic sphere and making sure it was not “politically-threatening”; 2)  “factionalizing” the technocracy resulting in non-Virata technocrats pursuing their own projects; and 3) and nurturing crony capitalism and corruption through Mrs. Marcos and his “chief cronies” to the detriment of the Virata faction’s economic policies.But despite the opportunity provided by the political and economic crisis of the early 1980s and initial IMF-WB support,the Virata-led bloc’s social capital rapidly deteriorated because of its inability to now access the needed loans and  the withdrawal of US support for the Marcos dictatorship. This further highlighted the unsustainable and relative vulnerability of its social capital.

Please login first to access subscription form of article

Read Full text in PDF

Browse By

Kritika Kultura
Department of English
School of Humanities
Ateneo de Manila University

The Philippine Commission on Higher Education (CHED) declares Kritika Kultura as a CHED-recognized journal under the Journal Challenge Category of its Journal Incentive Program.

International Board of Editors

Jan Baetens
Faculty of Arts
Katholieke Universiteit te Leuven (Belgium)

Joel David
Professor of Cultural Studies
Inha University (South Korea)

Michael Denning
Professor of American Studies and English
Department of English
Yale University (US)

Faculty of Cultural Sciences
Universitas Gadjah Mada (Indonesia)

Regenia Gagnier
Professor of English
University of Exeter (UK)

Leela Gandhi
John Hawkes Professor of the Humanities and English
Brown University (US)

Inderpal Grewal
Professor of Women's Gender and Sexuality Studies
Professor of South Asian Studies, Ethnicity, Race and Migration Studies
Yale University (US)

Peter Horn
Professor Emeritus and Honorary Lifetime Fellow
University of Cape Town (South Africa)
Honorary Professor and Research Associate in German Studies
University of the Witwatersrand (South Africa)

Anette Horn
Professor of German Studies
University of the Witwatersrand (South Africa)

David Lloyd
Distinguished Professor of English
University of California, Riverside (US)

Bienvenido Lumbera
National Artist for Literature
Professor Emeritus
University of the Philippines

Rajeev S. Patke
Director of the Division of Humanities
Professor of Humanities
Yale NUS College (Singapore)

Vicente L. Rafael
Giovanni and Amne Costigan Endowed Professor of History
University of Washington (US)

Vaidehi Ramanathan
Department of Linguistics
University of California, Davis (US)

Temario Rivera
Professorial Lecturer
Department of Political Science
University of the Philippines

E. San Juan, Jr.
Philippines Studies Center (US)

Neferti X.M. Tadiar
Professor of Women’s, Gender, & Sexuality Studies
Barnard College (US)
Director of the Center for the Study of Ethnicity and Race
Columbia University (US)

Antony Tatlow
Honorary Professor of Drama
Trinity College Dublin (Ireland)