Commanding Heights - 3158 Words

The purpose of this paper is threefold, first to provide a synopsis of the third episode of the PBS video ‘Commanding Heights’, second to assess the success or failure of NAFTA and its implications for U.S. economy and in the future., and thirdly to explain the three most important issues faced by the WTO and the World Bank. SYNOPSIS The third episode of the Commanding Heights series is titled â€Å"The New Rules of the Game† and examines the growth of globalization from the 1990’s through today. Globalization, which moved to a grand scale in the 1990’s, has ushered in the greatest expansion of trade in world history. This unprecedented level of trade provides many opportunities for wealth, but also creates crises which had not been†¦show more content†¦The contagion finally hit South Korea in December of 1997, merely 5 months after the downfall of the Thai economy. Korea, like Mexico was given a huge bailout, the largest in history of $55 billion. This move ended the contagion in South East Asia, but left a wake of despair as poverty once again grew in these developing Asian countries. Although the contagion in Asia was over, it had not yet started in other parts of the world. The crisis would hit Russia next, as investors envisioned low risk for an ex-super power with lots of atomic weapons. The investors reasoned that rich countries would surely bail out Russia to avert instability if a financial crisis arose. The investors were wrong; Russia defaulted on its loans and there was no bailout from rich nations. The sentiment within the investor community now swung from one of high risk tolerance to high risk aversion. The crisis would head to America next, when little know hedge fund LCTM (Long Term Capital Management) neared bankruptcy. LCTM controlled $100 billion in assets and was involved in all markets world wide, including Tokyo, Singapore, London and Hong Kong. The decline in these world markets caused losses in LCTM to spiral downward. Contagion had now come to Wall Street. Since LCTM was a private fund, the government could not bail them out. Fortunately, U.S. banks stepped in and saved LCTM, averting disaster. TheShow MoreRelatedCommandin g heights episode 3 Essay1346 Words   |  6 Pagesï » ¿Commanding Heights Episode 3 Commanding heights: The New Rules is the third film in the series and is about the 21st century economy. PBS sponsored the film under the direction of Michael Sullivan to inform the public about the economic situation. They speak about how the economy adapted to what is today. How the world nationalized third world countries allowing exchange and investment.  Episode 3 addresses the current and future problems of a globalized world. Thats the structure of the filmRead MoreEssay on Commanding Heights Part 1 Summary731 Words   |  3 Pagespolitical organization. People were looking for something better during this time and that something came in the form of socialism and communism. Western civilization was fascinated by this idea and started owning or regulating the so-called ‘commanding heights’ of the economy. During the period between two World Wars, the world experienced the collapse of capitalism and each part of the world tried to manage through by adopting eith er socialism or communism. Socialism promised a more just societyRead MoreAcrophobia: Fear and Heights2095 Words   |  9 PagesAcrophobia is an irrational fear of heights or high places. Many people dislike heights, but someone with a clinical case of acrophobia can have intense emotional and physical responses at just the thought of being in a high place. Acrophobia is simply a severe fear of heights. Now being afraid of heights is a common and sometimes appropriate feeling. But the phobia part kicks in when you feel afraid in a safe environment such as inside a skyscraper. 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There were no exceptions in the training, so whether the person was a female at fifty-nine inches in height or a male at seventy-two inches in height they better carry their own weight with full gear for twelve miles. In the end the feeling of completion was the best reward. Soldiers are trained physically and mentally to prepare for war, become proficient in their job occupationRead MoreTaxation And Subsidy Policy : An Example Of A New Fire Department Essay1015 Words   |  5 Pagesthey will catch (Mankiw, 2001). These two factors led to the overuse of common resources because it is not pos sible to prevent the people from using them. Commanding Heights: Part III Part III: http://www.youtube.com/watch?v=vYf6gn_x-Zk An economic principle discussed in the class lectures, and highlighted in all three parts of Commanding Heights, is that â€Å"Trade makes people better off†. According to economists, this is as true for individuals as it is for a collection of individuals, such as a nationRead MoreEssay Mind and Mind/body Solution689 Words   |  3 Pagesproperties. In order to fully understand or evaluate this we have to have a clear understanding of the Mind/Body Problems and solutions. Humans are material objects consisting of physical and mental properties. Physical properties examples are height, weight, color, shape or size and mental properties are awareness, consciousness, feeling, thinking, emotions and senses. The problem arises because these properties interact where intentional or unintentional continuously. Hasker discusses severalRead MoreDesperation: The Rise of the Nazi State Essay921 Words   |  4 Pageslast couple of items and then find out when you get to the cashie r that due to the ever growing inflation your trillions of marks won’t be enough for a single loaf of bread, as is life in Germany in the late 20’s and early 30’s. According to Commanding Heights: The German Inflation most people especially the young have grown up in these terrible conditions were it was more cost effective to take the German marks and burn and use them as wallpaper than as actual money. Around this time you hear about