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From its creation in 1949 until the 1960s, the Central Bank of the Philippines dominated industrial policy, becoming a symbol of nationalism for a newly independent state. The pre-war Philippine National Bank was closely linked to the colonial administration and plagued by corruption scandals. Yet, as Yusuke Takagai shows in this history of the Central Bank, with the country moving toward independence, ambitious young politicians, colonial bureaucrats, and private sector professionals concluded that economic decolonization required a new bank, free from the individuals and institutions that...