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Commanding Heights - Essay Example

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Despite the demerits such as hype-inflation and unemployment, which are associated with socialism and mixed economies, I believe these economic strategies were very helpful during the great depression. In addition, for any economy to modernize effectively during the period after…
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Commanding Heights
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Despite the demerits such as hype-inflation and unemployment, which are associated with socialism and mixed economies, I believe these economic strategies were very helpful during the great depression. In addition, for any economy to modernize effectively during the period after war, state controlled economies play a vital role considering states have the capital to create industries or the commanding heights of the economy. However, it is essential for industrialized economies to implement the free market systems to encourage productivity while imposing little government control to ensure stability,
I am in agreement with Keynes that during the time after World wars and depression as many folks were in desperate poverty and had to unite to build nations. However, am in disagreement with Keynes when he states that the disadvantage of free market is the extremism, which he stated could be countered by government interventions. However, these interventions are orthodox considering how US president Nixon compromised when he introduced wage and price control leading to collapse and deterioration of the economy. This is also one of the reasons why Payeks argued that central planned economy would give governments much power leading to totalitarianism which is detrimental to the economy (tanmovie1234s channel).
Socialism system has the benefit of ensuring the poor a decent life through fair and equitable sharing of resources among the people, but, on the other hand, free market brings about opportunities through which they can increase their living standards. However, irrespective Payeks idea of free market, there is need for the government to control the industries and business because in case of monopolies they should be monitored to avoid exploitation. Moreover, in a competitive economy facilitated by free market, there may bring about unhealthy competition which will be at the peril of the consumers or citizens. I am in agreement with Van Misses who was in support of free market and argued that socialism economy lacked the price system that governed the demand and supply that dictates the prices of commodities, which lead to chaos and ultimately economic crisis.
Irrespective of these arguments for or against both socialism and free market systems, I have come to learn that history repeats itself irrespective of the system implemented. This is considering the 2008 economic crisis and stock market collapse similar to that of October 24, 1929. Therefore, every economic system has its advantages and disadvantages, thus, world economies should not be attached about any of these systems. In addition, we have been fighting the same problems of high rates of unemployment and inflation despite the economic strategies employed, and which ever politicians we elect.
Consequently, I believe that both socialism and free market economic strategies are required to form a strong and a balanced economy, as they complement one another in forming a prosperous economy. In conclusion, I believe that Payeks free market economic system is beneficial in encouraging productivity in an economy; however the government should always control the commanding heights of the economy. This will ensure equitable resource allocation, monetary stability, regulation of lending practices and encouragement of entrepreneurial activity.
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tanmovie1234s channel. "Commanding Heights" - "The Battle for the World Economy" - EP1. 2011. YouTube. 1 October 2012. Read More
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