Commanding Heights: The Battle for the World Economy (2002)
The documentary Commanding Heights: The Battle for the World Economy, released in 2002, delves into the intricate struggle between government intervention and market forces that have shaped the global economy. Based on the book by Daniel Yergin and Joseph Stanislaw, the film provides a comprehensive exploration of economic ideologies, historical shifts, and the impact of globalization.
The documentary traces the rise of free markets over the past century, emphasizing periods of globalization when countries embraced open trade, minimal restrictions on exports, immigration, imports, and information exchange.
It argues that globalization, despite its complexities, has generally improved living standards worldwide, benefiting both the wealthiest and the most vulnerable.
Key Themes:
- Pre-World War I Globalization:
- The film introduces the concept of the “First Era of Globalization,” highlighting a time when the world operated under free-market principles.
- It underscores the positive impact of globalization on people’s lives during this period.
- Challenges to Capitalism:
- The Great Depression, communism, and fascism threatened capitalism’s existence.
- Economist John Maynard Keynes advocated for government regulation, influencing policies controlling key national economy sectors (the so-called “commanding heights”).
- Shifts in Economic Policy:
- Margaret Thatcher (UK) and Ronald Reagan (US) rejected Keynesian economics.
- They embraced Friedrich Hayek’s and Milton Friedman’s ideas, emphasizing free markets, reduced government intervention, and deregulation.
- However, practical implementation varied, with tax reforms benefiting different income groups.
- Post-World War II Changes:
- Keynesian policies gained prominence after World War II.
- The film contrasts Keynes’ influence with the subsequent shift toward market-oriented policies.
Notable Moments:
- Barcelona: A cultural capital, known for Antoni Gaudí’s architecture and vibrant outdoor life.
- Santiago de Compostela: The final stop on the ancient Camino de Santiago pilgrimage route, with a UNESCO-listed Old Town.
- Segovia: A romantic city with a well-preserved Roman aqueduct and a fairy-tale fortress.
- Granada: Home to the majestic Alhambra, blending Moorish and Spanish influences.
In summary, Commanding Heights offers a compelling narrative of economic forces, policy shifts, and the ongoing battle between government control and market dynamics that continues to shape our interconnected world.
