The central thesis of Daniel Yergin and Joseph Stanislaw is that price decision making should prevail over political decision making since markets have been the driving force for world events (Yergin and Stanislaw, “Commanding Heights p3 New rules of the game”). The authors are trying to prove how the once commanding economy has lost its reputation since the desire to command and manage the top levels of the economy has shrivelled. They achieve this by interviewing different major players from different nations. Keith Joseph is portrayed as Britain’s “Minister of thought” as he worked alongside Thatcher, both of whom depicted the isolation felt by market advocates in early 1970’s (Yergin and Stanislaw, “PBS Commanding Heights Ep 1”). They also portray John Maynard Keynes as an advocate for government involvement in the economy in an effort to save capitalism from itself.
The methodology used to study the problem is the analysis of interventionist forays into energy markets under a core Austrian principle (Yergin and Stanislaw, “PBS Commanding Heights Ep 1”). It involves understanding market expansionism using a broad spectrum of the different divisions within the market theory. The text is a historical analysis that utilizes ethnographic material since it describes the Africa and Latin America cultural ways of life as lacking classical-liberal traditions but accepting privatization and freer markets. Yes, archival resources have been used to support the views being posited. However, the work is not comparative since the archival resources used conflict with the author’s account. The authors are not effective since their work lacks theoretical rigor, are superficial in some areas like explaining the role of Austrian economies, and their work has serious historical omissions. The sources are too limiting since they do not boost the authors’ work, and they conflict and compromise with Joseph’s and Daniel’s work. The use of more powerful stories like Deng Xiaoping, the connection of anecdotes and static hubris, and original interviews with powerful players would have improved this text.
The problem is the loss of reputation by the command economy where the state is unable to manage the top levels of the economy. The authors’ sympathies are based on European views that global capital markets should be entirely driven by “Anglo-Saxon cult of the shareholder value” (Yergin and Stanislaw, “Commanding Heights p3 New rules of the game”). They identify with Mises since he is more hard-headed and less soft-hearted towards socialist values (Yergin and Stanislaw, “Commanding Heights P2 The Agony of Reform”). Yes, the authors have disapproving comments to what should have been in the body of the book. For instance, they dismissed the inclusion of Deng’s dissertation; “the sacred principle of pragmatism” and what it meant for the future of China. Their work has been majorly influenced by Mises since they can easily relate to him and have based their arguments on his insight. The authors are influenced by other disciplines such as philosophy and sociology since the book discusses African and Latin American culture. There are no exceptions to their points of view as they tend to agree and disagree on the same things. Yes, there are more specific and personal influences affecting the authors including their grasping ability of theoretical stakes, government propaganda, and confused social perceptions.
This book relates to the current global situation where dictatorship is masked, and hard to be understood hence diverting people from reality. It relates with Joseph Alois’s Capitalism, Socialism, and Democracy. The book can be integrated with Capitalism, Socialism, and Democracy since socialism is a common issue addressed by both books.
In their conclusion, the authors stress on income inequality rather than against state corporatism, and describe economic freedom as bloodless. I do not agree with them since they do not address issues facing the expansion of stakeholder power, a situation that is addressed in the Deng’s “principle of pragmatism” (Yergin and Stanislaw, “Commanding Heights P2 The Agony of Reform”), a section they initially dismissed from their book. Their solution is implied since it is a calculated evasion of reality under the inspiration of socialist values.
Works Cited
Yergin, Daniel and Stanislaw, Joseph. “Commanding Heights p3 New rules of the game”
https://www.youtube.com/watch?v=vYf6gn_x-Zk. YouTube. Kofa Economics. 2012, March 13. Web. 2016, August 4
Yergin, Daniel and Stanislaw, Joseph. “PBS Commanding Heights Ep 1”
https://www.youtube.com/watch?v=w9ms2WOZi74 .YouTube. Kofa Economics. 2012, March 13. Web. 2016, August 4
Yergin, Daniel & Stanislaw, Joseph. “Commanding Heights P2 The Agony of Reform”
https://www.youtube.com/watch?v=N9pn3iQU02w .YouTube. Kofa Economics. 2012. March13. Web. 2016, August 4
