The crisis of the world capitalist system and that of the Philippine ruling system have become worse than in any period after World War II. The US-instigated policies of neoliberal globalization, state terrorism and aggressive war have wrought havoc on the lives of the people and continue to escalate oppression and exploitation. The Filipino people cannot tolerate their suffering and they are fighting back against imperialism and all reaction.

The loss or erosion of livelihoods is the most concrete and widespread impact of the current crisis of the world capitalist system on people's lives, both in the advanced capitalist countries as well as in the underdeveloped countries. Despite recent pronouncements from state officials and the business press that economic recovery is in sight, the global economy continues to tumble with the gross domestic product of the leading capitalist countries still contracting, consumer spending still in decline and unemployment still rising.

Intl Network of Philippine Studies

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