Commanding Heights PART 2 Essay Example | Topics and Well Written Essays - 500 words

Commanding Heights PART 2 - Essay Example The video is based on the social, economic, and political events that were notably experienced by the BRIC and Poland community in the 20th century, and how these events contributed in shaping the world economy. The focus is primarily directed to economies and markets in the context of the role played by governments in influencing the two. In the 20th century, states controlled and regulated market activities in many economies across the globe. This resulted in numerous economic hardships and crisis that prompted governments and states to embrace free market economies. Economies of Asia, Europe, and the Americas are highlighted in the video, and the trends in their economies outlined. Leaders, especially state figures, tried to curb economic crisis that regulated markets posed to their economies. Towards the end of the 20th century, market liberalization heightened, and a ground to establish a global economic system was set. However, not all participants in this move were ready for the realized outcomes. Deregulation of markets realized minimized state influence in markets and economies. The private sector was uplifted to an extent that it critically engaged the public sector in intense competition. Regulated markets and economies had failed to meet their purposes, goals, and objectives in their respective countries. The reform process to endorse free markets was characterized by benefits for some players and agony for others. States that regulated their markets and economies had plunged into economic meltdowns and financial crises that eventually necessitated need for reforms. As much as these reforms were welcome, the recovery process was characterized by both advantages and disadvantages. Market and economy freedom had privatization, deregulation, and competition implications to account for. The world economy as it is known in the 21st century is the result of market and