STEPHEN BREYER, U.S. Supreme Court Justice: You discovered that basically the same firms that had been there in 1938 were still there. Start studying Commanding Heights Episode 1. The usual arguments of pulling several people out of poverty, and the industrialisation of the developing world are constantly reiterated to imply, cleverly, that globalisation is an irreversible and beneficial process to everyone. There's nothing wrong with intuition. And that began the German economic miracle. DAVID YOUNG, Conservative Minister, 1984-1989: We were the sick man of Europe, and the English disease was the disease of strikes, which we had all over the place. There was blood and carnage amidst the beauty of the Italian Alps, where the armies of Austria and Italy were fighting. When the first world war ended, Austria and Germany had been forced to pay for the costs of the war. This hypothesis was bolstered when Chile adopted a more liberal form of government after the death of Pinochet and the introduction of free enterprises in the country (PBS, 2002). Would you like to get a custom essay? RALPH HARRIS: Hayek paid enormous tribute to the socialist intellectuals and said that the great strength of the socialists is that they had the courage, he said, to be idealistic; to have a theory, to have a project, to have a vision, and to go on working towards that, through thick and thin. Chapter 12: The Specter of Stagflation [6:34] Battle of ideas SHOP MANAGER: Well, we're virtually out of business while the power's off. Chapter 12: The Specter of Stagflation [6:34] More recently, the pendulum has swung the other way, toward greater reliance on market forces to determine the allocation of resources. On the other hand, Hayek believed that for an economy to survive the free market must be allowed to have the power to decide. In Italy, Spain, and Germany, they marched to a different drum. Every day life was being transformed everywhere. During the blitz, the two most important economists of the age shared air-warden duty on the roof of King's College, an English gentleman and an Austrian exile -- personal friends, but intellectual rivals. Just as the textbook states, Hayek believed that markets arose naturally. For Hayek, central planning was the first step to a totalitarian state. Now I can say that socialism is basically when the government regulates the economy compared to communism which is a bit more liberal but still similar. Chapter 11: Chicago Against The Tide [7:32] "The study of the nature and functions of product markets falls into four broad areas: Takes a closer look at what brought about the 2008 financial meltdown. Chicago School economists had always argued that rigid government regulations were keeping prices high and fueling inflation. Episode 2 is about the triumph of Free Enterprise over centralized state planning and its positive and negative … Railroads come to a virtual standstill. It is based upon contracts, rules, and choice—in short, on self-restraint—which contrasts mightily with other ways of organizing economic activity. He tried to spend his way out of trouble. The production was financed by donations from Electronic Data Systems, FedEx, BP, The Pew Charitable Trusts, John Templeton Foundation, Smith Richardson Foundation, and the Corporation for Public Broadcasting. During the period between two World Wars, the world experienced the collapse of capitalism and each part of the world tried to manage through by adopting either socialism or communism. They had to use assumptions to simplify things, and they most definitely had to think at the margin. They will notice the vast expansion in the number of nations pursuing outward directed, comparative advantage policies since the 1970s, and in particular since the 1990s due, in many cases, to pressure from the IMF and World Bank. On the rich-media version of the site, these links appear as synchronous "enhancements" that become available as the video chapter plays. MEGHNAD DESAI, Professor, London School of Economics: Nehru was always recruiting intellectuals in India on his side in the cause of planning. In Parliament and politics, Thatcher's closest friends agree that Keith Joseph's influence on her was crucial. A collection of documentaries that explores the hidden side of human nature through the use of the science of economics. KARL OTTO POHL: And that was one of the reasons for the success of the Nazis, of Hitler. The Bretton Woods Conference created the World Bank and the International Monetary Fund. Onscreen title: Switzerland, 1947 NEWSREEL NARRATOR: ... men and women to make the uniforms; machinists to make the guns and ammunition; auto workers to produce the jeeps and trucks, to build the ships and tanks; civilian soldiers to turn out the fighters, the bombers. Shops were empty. But the Great Depression continued to cast its long shadow. NARRATOR: Roosevelt's voice of confidence rallied the nation. Onscreen title: London, 1944 Considering the fact that the price controls were not helping the economy, Erhard decided to get rid of them. The pattern of exports-imports that ISI tried to resolve remained the same. NARRATOR: People panicked. NARRATOR: The voters liked the president's war on prices. Joseph Stalin introduced central planning. With the Red Army and the Secret Police, Stalin imposed his economic system on half of Europe. Key Themes Articulated in the Series View production, box office, & company info, A List of interesting Finance and Economics Documentaries/Short Films. NARRATOR: Attlee promised his party that they would build a new Jerusalem. NARRATOR: A coal miners' strike and an oil crisis plunged the country into darkness. NARRATOR: He vowed to work for a better world. While she was at Oxford, she read Hayek's Road to Serfdom. 17. JOSEPH STANISLAW, Co-Author, Commanding Heights: Keynes felt that the market economy would go to excesses, and when things were in difficulty the market wouldn't work. 97% owned present serious research and verifiable evidence on our economic and financial system. NARRATOR: This economic revolution has defined the wealth and fate of nations and will determine the future of the planet. KEITH JOSEPH: Mild inflation seemed a painless way of maintaining full employment, encouraging growth, and expanding the social services. But for Erhard, that was not enough. Inflation and price indices Globalization is a polarizing topic. Few dissenting opinions are detailed or extensively dealt with. Lenin's commanding heights speech was his attempt to defend himself against accusations that he sold out the principles of the revolution by implementing the new policy. B. Episode 3 addresses the current and future problems of a globalized world. --Ali Davis That environment made it easy for the Nazi Party to gain power. Overall, they see globalization as a positive movement that improves the standard of living for all the people connected to it, from the richest to the poorest. NARRATOR: William Blake's hymn "Jerusalem" became an anthem for the Labor movement. People stopped hoarding, and goods not seen for 10 years went on sale. commanding-heights-1 Scanner Internet Archive HTML5 Uploader 1.6.0. plus-circle Add Review. NARRATOR: After 30 glorious years of growth, the American economy was in trouble. It's bound to draw your attention to the problems of political organization. Friedrich Hayek and John Maynard Keynes were economist with rival views and their schools of taught had a massive impact on western economic theory in the 20th century As had been predicted by Keynes, the hyperinflation caused by the Treaty of Versailles devastated the German economy and created political instability. The Keynesian formula for government spending is simple: save in the good times and spend in the bad (PBS, 2002). His ideas were not fashionable. • Episode 1: The Battle of Ideas begs a comparison between socialism and capitalism. Each of the chapters, ranging from about 1 to 9 minutes, is available in the Quicktime 5 format (extension .mov) and so it is necessary to have a player that supports that format. Although there is not a generally accepted standard for judging the equity of an economy¹s income distribution, a well designed course will examine the impact of government tax policies and transfer programs on both the distribution of income and economic efficiency." While a detailed study of the tools of monetary policy is not included in the program, these two episodes can give students a sound historical understanding of the primary debate over government use of fiscal vs. monetary measures to manage economic activity. CH (PBS, 2002) placed John Maynard Keynes and Friedrich von Hayek on opposite poles in the battle of economic ideas. C. Distribution of income Yet it does deliver a rational argument, despite being incomplete, about the whole discussion that does dominate a lot of contemporary political debate. Keep track of everything you watch; tell your friends. • Meanwhile Hayek and his disciple Zlabinger fought against hyper inflation and encouraged free markets. RICHARD CHENEY, U.S. Vice President: Millions of people a day are better off than they would have been without those trade developments, without globalization. As values and prices spiraled ever onward, downward, it left them with no ability to earn, no ability to repay, no ability to spend, no ability to consume. MILTON FRIEDMAN: The occupying authorities had imposed a system under which there were extensive wage and price controls, supposedly to control inflation, but of course wage and price controls never control inflation. The Great Depression caused massive unemployment and massive public distrust of corporations and wealthy individuals.
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