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Global issues - Assignment Example

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The process of globalization sparked for the first time in more than a century ago, and gained momentum in the late 20th century, turning the world…
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Commanding Heights s The documentary under consideration explores the effect of globalization on economy and general well-being of the civilization. The process of globalization sparked for the first time in more than a century ago, and gained momentum in the late 20th century, turning the world into the global economy controlled by free markets.
The position of Von Hayek unfolded in the documentary is based on the belief that governmental interference and control of the market isn’t needed. The theorist considered government’s participation in economic processes a threat of freedom. It had proved to be rather tenable, when used partially, as it was in the post-war Britain, where sacred nature of private property and private enterprises were combined with nationalized industries; in other words, in the mixed economy.
Keynes’ purpose, to the contrary, was to subject economy to the governmental central planning. His position implied that the government should take control over the key industrial and economy sectors, regulating them – particularly, via price control. However, this purpose wasn’t achieved to the full extent, as the ideas began to collapse with growth of inflation, unemployment, poverty and extreme forms of governmental control – totalitarian, like in Nazis’ Germany – posing a threat to democracy. His theory had proved to be efficient for wartime but ineffective in the time of peace. However, Keynes remained among the most influential economists of the 20th century.
The term “Commanding Heights” was first mentioned in the speech pronounced by Lenin regarding the key sectors of economy that should be run by the government. To my thinking, governments should own commanding heights only partially to avoid excessive control over economy. There is a huge plus in the global economy, which is absence of boundaries in mutual help, and this is illustrated by operation of numerous international economic organizations like International Monetary Fund. However, there should still be at least partial control over the national economies to prevent negative side effects of globalization; therefore, mixed economy seems the most tenable option. Read More
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