US Economic History-Commanding Heights Essay Example | Topics and Well Written Essays - 1250 words

US Economic History-Commanding Heights - testify ExampleKeynes ideas were that the economy should be controlled by the government. Later years adage the departure from Keynes ideas to the adoption of economies that did not support government regulations. Many reforms were made and globalization set in. This was around the year 1991 after the Soviet Union collapsed. The authors say that free markets prevail in comparison to the centrally planned markets. There ar worries however that, globalization may be only for a short while. This will happen if measures be not taken to end inequality and if the third world countries are not given opportunities to ameliorate themselves.The UK had a lot of resources and power and thus its capital city London was the center of globalization. This was in the initial period of globalization. This period occurred before the First World war (Yergin et al pg 15). The First World War however affected Britain badly leading to a high level of unemploym ent. As much as the UK triumphed in the Second World War, the empire had to break. The then ruler, Winston Churchill, did not like the idea of government exponentiation and he thus discouraged it. In the year 1945, Clement Attlee who headed the Labor Party, was elected and he back up government regulations so as to avoid potential economic crisis. The government of UK nationalized almost all its major industries. In addition to this, the government controlled the earnings of the employees. These wages of the employees were regulated by the government or subjected to the northern rules (Kay, pg 23).This idea of government interference became a common factor in the UK in such a way that subsequent governments adopted it. The elected government officials did nothing to change this and it became part of the UK. In the 1970s, the UK saw immense strikes of the unions including other problems such as the oil shock that was experienced in the year 1973 (Yergin et al pg 16). These proble ms almost crumbled Britain. That