Review of Commanding Heights Research Assignment

Review of Commanding Heights
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Review of Commanding Heights
Globalization ideas can be traced during the capitalism period over 200years ago, but it is until 1990 where the new reality of globalization occurred that could not be ignored. "Commanding Heights: the battle for the world economy" is a film produced based on the book written by Daniel Yergin and Joseph Stanislaw presenting the effects of globalization (Yergin, 2016). The existing battle is between the government attempt to control free market and the globalization process.
The documentary presents views of John Keynes and Friedrich Von Hayek, who both recognized gaps in the free market and believed that the solution lies with the government to fix these gaps. The films present how western civilization is obsessed with the idea of regulation calling it commanding heights of the economy (Yergin, 2016).
Free market trade was an idea that was enhanced by the North American Free Trade Agreement (NAFTA) that resulted in an unrestricted flow of trade and direct investment between the US, Mexico, and Canada. Globalization is viewed as the free flow of goods and services, import, export, immigration and increased exchange of information benefiting the richest to the poorest (Yergin, 2016).
Effects of globalization
Some of the effects of globalization on the financial market include open markets, wealth creation and construction of a more prosperous and secure world. After the North American Free Trade Agreement a process necessitated by globalization, trade activities increased tremendously with million workers finding new job opportunities. Mexico became the major beneficiary of open markets with total trading increasing to US$ 280 billion within six years (Yergin, 2016).
Yergin, (2016) states that free trade markets placed America to a political test making; American became vulnerable to terrorism. A good example is the September 11 where many people lost their lives du...