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This open access book modifies and revitalizes the concept of the ‘developmental state’ to understand the politics of emerging economy through nuanced analysis on the roles of human agency in the context of structural transformation. In other words, there is a revived interest in the ‘developmental state’ concept. The nature of the ‘emerging state’ is characterized by its attitude toward economic development and industrialization. Emerging sta...

From its creation in 1949 until the 1960s, the Central Bank of the Philippines dominated industrial policy by means of exchange controls, becoming a symbol of nationalism for a newly independent state. Yusuke Takagi argues that the Filipino policy makers behind the Central Bank worked not for vested interests associated with colonial or neo-colonial rule but for structural reform based on particular policy ideas.