What kind of economic system would best fit to third world country like the

Philippines in this present stage of globalization?

Since then, countries around the globe are being ranked or segmented by their
economic status, mainly as First World, Second World, Third World and Fourth World.
Basically, those included in the First World have achieved a developed economy. While
those countries in the Second World have less steady economy, thus, considered as
less developed one, but then, oppositely greater compared to those in the Third World.
And of course, being the inferior in the list are those in the Fourth World, which are
mostly composed of nomadic communities or members of a tribe. But then, such
standings could not be the main grounds as it is said that it still depends on one’s
outlook or perspective.
In case of those countries included in the Third World, like the Philippines, a mixed
economy would best fit as the main ingredient to have a better economic status. Firstly
because, for there would be balance between capitalism and socialism. Since the
Philippines has various public and private sectors in the economy, it shall deliver more
freedom and stability for the people. With this, government and private businesses
would be in joint force in achieving sustainable great actions which are directed towards
the betterment state of the nation. Both forces shall enforce fair liberties and restrictions
which are meant to guarantee the maximum standard of living for the citizens. For
instance, the government shall provide laws that shall prevent large companies on
forming monopolies. Also, the supply and demand would be measured through proper
and fair pricing instead of regulations.
Second reason is, through a mixed economy, there is a soaring amount of state
participation and spending which could have an impact within the development of tax-
funded schools, hospitals, roads, utilities, legal assistance, welfare, and social security
which are beneficial for the public. Also, great involvement of corporations would give
way to larger and improved profits for the country which could lead to wider employment
opportunities.
Thus, with both cooperation of the two sectors mentioned above, Third World’
economy, like the Philippines, would gain better factors to develop especially at this
stage of globalization where technologies and innovations are becoming dominant. Just
like what other people say, two can play the game. With this, we consider this present
globalization as a game that should be well played by the government and private
sectors for them to render quality service of life and needs for the citizens.