The Agony of Reforms Video - Case Study Example

Commanding Heights P2: Agony of Reforms Video Analysis Introduction During the 20th, the world woke up to critical reality of social, political and economic challenges that saw the countries went into a series of economic depression and inflation. At the end of the 20th century, the economic reality was characterized by uncertainty, deficits and inflation. As this eventuality dawns, it served to remind the economic, political leaders and government strategists on how to tackle the sad reality. The Agony of Reforms video provides a documentary approach that helps unravel the nature of this leadership and economic shifts that have continued to color the world economic order to date. International Relations The video provides an independent opinion from world leaders and economic strategists on the interplay of economics and the implication of globalization. The narrator identifies the September 11 incidence as one of the greatest threat that would have sent the world into an economic depression as witnessed after world war two. In addition, he identifies Argentina economic meltdown as a sad reality of the economic crisis in a globalized world. Additionally, Bill Clinton, President of the U.S 1993-2001, in an interview identifies that the globalization means that economy and destiny of the nations are hinged at the hip (Commanding heights, the Agony of economic Reforms). Furthermore, he singles out the concept of globalization as a new definition for interdependence that todays world leaders cannot avoid. In addition, he advocates that the world international relations should be established on solid grounds of economy and shared ideologies. Jeffrey Sachs, a professor at Harvard University, gives a vivid account of what came to be a capitalistic revolution that has shaped todays American and western economies. He identifies the 20th century as a dramatic turn of modern economics. In addition, the much of the 20th century had been marked by increased economic agony and the attempts to unmask the causative factors. This was largely confusing until the brilliant move by Reagen and Thatcher government to privatize state-owned assets in 1980s. The world politics on economic depression, sabotage and the cold war are identified as the biggest threats that occasionally shattered the march to economic prosperity (Commanding heights, the Agony of economic Reforms). Daniel Yergin, the author of the video, identifies the moment following capitalism and socialist economic revolution were exciting and terrifying due to the uncertainties it presented. Besides, the main theme of economic revolution takes a critical angle as economic experts and world leaders paints a picture. The experience, dramatic and conflicting ideas through the historic great economic depression and the subsequent recovery are an interesting development. The narrator identifies that a new global economy order is perhaps the most fulfilling positive marks after the war and conflicts appeared to have taken toll the world in the 20th century. The man as destructor of a fellow man is the agony of tribulations at the century. However, towards the end of 1980s, the world leaders recognized the need to address the global crises through joint efforts rather than the individual approach. As the great economic depression became overt, Reagan and Margaret Thatcher undertook the initiative to restore the world economic order. The rest of the video offers a historical analysis of the pathway to economic prosperity. Economic Reality of 20th Century After World War one, Hayek was hardly influential, but his theories on economic pattern and predictability gave him the confidence. The video offers a theoretical view of the economy and the emergence of conflicting ideas and whose ground was solid in the process of providing a solution to the economic reality in the America and Europe. John Maynard and Hayek, Friedrich were two economists whose ideas were subject to controversy following the end of World War Two. Hayek believed in a free market economy also called capitalism while Keynes believed in socialist economic. In the video, various political leaders during the 20th century the include Ronald Reagen, and Margaret Thatcher are mentioned to have opted an economy based on capitalism ideology. Under this economic platform, individuals are entitled to own property and establish organizations that would compete in the market. A socialist economy, on the other hand, envisions an economy whose majority of the industrial base is under the government armpit while a few assets are left for individuals. The debate on the economic strategy to adopt is alive across the video, it serves to indicate the state of economic confusion that followed the world war and the underlying reality that the crippled economy of most nations. In the video, Lenin identifies capitalism as the most desirable plan since the government was less restrictive and served to put the nations in a competitive mood that would spur the economic growth. On the contrary, socialist economy is identified as the catastrophic to economic recovery because the government interference at the time Germany, Britain and U.S.A were suffering the major effects of world wars would hinder economic recovery. Furthermore, the video identifies the major economic crises that derail world economic recovery. Notably, the Mexican economic crisiss that spread to the U.S, causing industrial slow development, and collapse and energy mayhem. As an example, the Germany flight that saw major hyperinflation, collapse of many bank account holders and loss of personal savings by the majority of German citizens help to highlight the effects of the communist economy. The commentator identifies similar circumstances as a primary factor in the United States that crippled economic takeoff. Many people who had invested in the stock market experienced poor returns, and many bank account holders were rendered bankrupt, this forced majority of them to pull down their bank accounts. All these circumstances led to economic depression at the time when the world economy was founded on dynamic basic infrastructure and policy foundation. Leadership and Economy The director of the film identifies the leadership of Ronal Reagan and Margaret Thatcher as the fundamental pillars of the world economic order during the 20th century. The battle of ideas of capitalism and communism serves to bring in leaders contributions in one-to-one interviews. Former U.S leader Bill Clinton identifies the economic depression as one of the darkest moment in the world economy. The challenges experienced in the Europe and America were largely similar and largely caused by economic depression, businesses close down and rise in the cost of energy and machinery. The analyst identifies the governments of U.S, Mexico and the majority of western countries as the greatest bearers of this 20th-century economic doldrums (Commanding heights, the Agony of economic Reforms ). Economic Revolution The "Commanding Heights video" part two presents a systematic approach that saw the United States and Britain emerge as the first countries to lay down economic policies and traditions within their countries. According to the commentator, the economic revolution in the 20th and 21st century was one of the most stressful lights that leaders underwent. In fact, it required uttermost commitment and astute leadership prowess to deliver the countries from the fangs of economic coma. Additionally, it identifies that the economic strategists plan to curve a shift in governments worldwide were increasingly becoming frustrating, and the economic strategist appeared to run out of options. However, American President Ronald Reagen and Britain colleague Margaret Thatcher are hailed to be the first crop of leaders to produce the very first economic model which was based on capital market structure. In a move that produced significant steps towards economic recovery, the two leaders privatized state-owned institutions and industries and also deregulated markets. It was these two deliberate steps that saw the rest of the world model their economy and discourage state patronizing every sector of development. In addition, the video provides a comparative approach of the significance of the two approaches that were adopted across the globe. For instance, Russia, which was the first total communist country, had initial high employment rates and positive industrial prospects. However, during the Great Depression, Russia experienced low rates of industrial growth and declining employment prospects. In comparison, the U.S had extremely low employment rates, rising poverty and devastating low income. Upon the great depression, the analyst identifies that it provided an opportunity separately to establish the best economic strategy to adopt. Surprisingly, the communist countries like Russia as compared to U.S were seen as more resistant, hence proved a point that communism was the way to go. However, the commentator identifies that it was untrue to conclude so because the Russia government had lied otherwise the economic depression would have been unavoidable. Conclusion The video offers a historical perspective of the tribulations and struggle that the world experienced after the excruciating effects of world war. Certainly, economic depression and pathway to economic recovery are a primary theme of the video. Unlike, the majority of the documentaries, "Agony of Reforms" offers a comprehensive background and subsequent steps to the ultimate success. In addition, it borrows heavily from one-to-one interviews with world leaders and speech excerpts that make the narration real and fascinating. The ultimate ideology fights, international relations and the global economy summarizes the themes of the video. Works Cited Commanding heights, the Agony of economic Reforms. Dir. William Cran. Perf. Daniel Yergin. Heights Productions :, 2002. Film. Agony of Reforms Video, retrieved from http://m.youtube.com/watch?v=N9pn3iQU02w&index=2&list=PLPln0080x6AP6P5r_91mwtDNol2Sw9m2g s Read More