But in the s those policies began to fail dramatically, and the fall of the Berlin Wall unleashed an era of dramatic and turbulent economic reform around the world -- in Russia and the Eastern Bloc nations; in democracies like India that had embraced central planning; and in Latin American countries, which had developed their own brand of government control of economic life, based on a theory called dependencia. The program focuses in detail on how reform played out in several countries -- Russia, Poland, India, Bolivia, and Chile -- as they lived through the upheavals of rapid change, dealing with both the new freedoms and the new dangers of privatization, deregulation, and freewheeling competition. The Ghosts of Norilsk [4:
It helped me understand the generalities of the construct of economies around the world. The chronological arrangement allows me to follow the story easily and understand the developments. I did study economics as a non-core subject in University, and so if I can follow, you should be able to.
In fact, I would urge people who has no economics background to watch. You do not realise how much it can affect you! One is known as the Keynesian economics and the other is Austrian School. In his opinion, the market forces will always balance out and price is the best signal to communicate to businesses for decision making to produce more or less.
Government intervention like price setting would hence interfere with the signal and produce inefficiency in the market. The documentary began with this difference in ideas and did well to evaluate the effects and outcomes of these 2 school of thoughts with real examples.
In my opinion, a Keynesian economy is one that has slow and steady growth, without much fluctuations while a free market economy will see booms and busts that will be extreme and frequent. Businesses will come and go very frequently.
This is what happened in the financial meltdown in Banks over-leveraged and market forces disciplined them. Grab this free guide to Value Investing that has step by step strategies, real life case studies to help you make more money and build a passive income through the stock market Now think of a scale.
On one extreme, it is socialism, where the government has total control of production. On the other end is free market economy. Keynesian economics will be somewhere in the middle, closer to the latter.
I always have a principle, too much of anything is no good. Hence, a balance approach is always preferred. But this does not mean I support Keynesian economics.
I am actually favoring the free market economics more, comparatively. Government intervention is necessary but should be very much limited. The reason why I prefer free market is because like what I have mentioned above, market is efficient to distribute resources and booms and busts would be more frequent and extreme.
I love efficiency and hate waste. Nobody can prevent booms and busts. It is a human trait and a larger scale, nature.
Trying to stop booms and busts is equivalent to asking a person not to be greedy or to feel fear.Commanding Heights Episode 3 Commanding heights: The New Rules is the third film in the series and is about the 21st century economy.
PBS sponsored the film under the direction of Michael Sullivan to inform the public about the economic situation.
Agony of Reform: Commanding Heights Part 2 The revolution of the world’s economy in the 20th and 21st centuries was very stressful, uncertain, and trying. In the 20th century, economic foundations were beginning to shift due to deficits and inflation.
Kremlin controlled every feature of the economy through communism. The Soviet Union was a military super power, an industrial giant, and a threat to the world powers.
.Sample Essay on Commanding Heights Episode 2-The Agony of Reform Answers. I would like to recommend this documentary made by PBS, "Commanding Heights".
It helped me understand the generalities of the construct of economies around the Review of Commanding Heights – The Battle of our World Economy (DVD) I would like to recommend this documentary made by PBS, Episode 2: The Agony of Reforms.
Everywhere -- in India, China, Asia, Latin America, Europe, North America, and above all in the communist world -- governments have retreated from the commanding heights of the economy.
Commanding Heights Episode 3 Commanding heights: The New Rules is the third film in the series and is about the 21st century economy.
PBS sponsored the film under the direction of Michael Sullivan to inform the public about the economic situation. They speak about how the economy adapted to .