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November 26, 2007

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Alan

Re Friedman/Hayek and Keynes

You might enjoy the PBS series, "Commanding Heights."

http://www.pbs.org/wgbh/commandingheights/

You can watch it online (the Storyline tab on the site.) Our local library has the series on DVD. Yours may, too.

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Chapter 1: Prologue

NARRATOR: As the 20th century drew to its close, and our new century began, the battle over the world economy intensified. Some people feared globalization and questioned the benefits. Others welcomed it.

RICHARD CHENEY, U.S. Vice President: Millions of people a day are better off than they would have been without those trade developments, without globalization. And very few people have been harmed by it.

NARRATOR: As the terrible events of September 11 drove the world deeper into a recession, new questions emerged about the perils of the new world economy. Can our now deeply interconnected world surmount a global downturn and rise above other crises? And is global terrorism the dark side of the promise of globalization?

BILL CLINTON, U.S. President, 1993-2001: You can't get away from the fact that globalization makes us interdependent. So it's not an option to shed it. So is it going to be on balance positive or negative?

NARRATOR: This is the story of how the new global economy was born, a century-long battle as to which would control the commanding heights of the world's economies -- governments or markets; the story of intellectual combat over which economic system would truly benefit mankind; the story of epic political struggles to implant those ideas on the nations of the world.

JEFFREY SACHS, Professor, Harvard University: Part of what happened is a capitalist revolution at the end of the 20th century. The market economy, the capitalist system, became the only model for the vast majority of the world.

NARRATOR: This economic revolution has defined the wealth and fate of nations and will determine the future of the planet.

DANIEL YERGIN, Author, Commanding Heights: This new world economy is being driven by technological change and by political change, but none of it would have happened without a revolution in ideas.

NARRATOR: Tonight, the battle of ideas that still divides our world.

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