Commanding Heights

Topics: Planned economy, Free market, Unemployment Pages: 3 (640 words) Published: November 3, 2013
Commanding Heights
-the battle of ideas that divides our world
-gov't or market control?
-communism promised good future to people (after WWI)
-Keynes was advicing the UK gov't on how to utilize money
- he was trying to get money from the bankrupt Germany to pay for what they did
-Borden thought it was a waste of time
-France and Belgium said that the Germans should pay for what they've done -in 1919 Vienna was a poor country after it lost in the WWI
-Socialism promised that concerns for poor would help develop the gov't policy -people need to be from govt intervention; only markets can work -the state controlled the economy. Wages and markets were fixed. Lenin failed when he abolished the free market policy. He introduced a new policy that allowed farmers to sell their produce and own their farms, people were allowed to operate small business -commanding heights of economy — steel, coal, etc. would be controlled by the gov't still -Joseph Stalin introduced central planning

-capitalism was forging ahead
-Germany and Austria were facing hyper inflation because they were printing money after having so much debt after WWI
-money were cheaper than wallpaper
-during the 1920s Europe was in depression, while Canada and USA were doing great
-radio = internet, alcohol, etc
-Black Tuesday — the stock market crashed Oct. 24, 1929
-1931 banks collapsed in Europe, people were unemployed, industry stopped their operations -in Britain workers petitioned to the gov't for a right to work -italy, Spain — marches of fascism
-Keynes aimed to re-write rules of the economics
-1933 Roosevelt came into power
-he was confident, brought hope to the nation
-at war with great depression
-programs for unemployed, hungry
-instituted a program to regulate capitalism
-gov't sets prices
-1936 Keynes publishes his theory on how to fight depression
-spend money to achieve full employment
-create surplus during good times and when depression...
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