The consequences of globalization are far from homogeneous: income inequalities, disproportional wealth and trades that benefit parties differently. We were faced with an enemy, and that enemy was out to destroy our livelihoods, out to destroy our pits, out to destroy our communities and what our communities stood for. Chapter 17: War in the South Atlantic [1:41]. It's the market forces gone mad. The downward spiral proved unstoppable. FRIEDRICH VON HAYEK: The decisive influence was really World War I. Everywhere he went, huge crowds turned out to cheer the nation's hero. This is a new era where the very notion of collective identity is challenged Before long, two-thirds of the state-owned industries were removed from government control and sold off into the private sector. Issues such as global warming indeed require a coordinated response from all global players: fight against CO2 emissions, reduction of waste, a transition to renewable energies. Radio was like the Internet of the 1920s, an industry that had come from nowhere. The stock market, the New York Stock Exchange, had become a national pastime. NARRATOR: The new American president, Franklin Delano Roosevelt, was staring economic disaster in the face. Industry ground to a stop. NARRATOR: Volcker used a blunt weapon: He tightened the money supply. How to Understand the Concept of Globalization, https://kellogg.nd.edu/publications/workingpapers/WPS/261.pdf, http://plato.stanford.edu/entries/globalization/, http://cps.sagepub.com/content/33/6-7/941.abstract, http://www.history.com/topics/energy-crisis, http://www.indexmundi.com/world/economy_profile.html, http://unctad.org/en/PublicationsLibrary/wir2014_en.pdf, https://www.tradecrowd.com/learn-to-trade/forex/everything-you-need-to-know-about-forex/?utm_source=Google%2B&utm_medium=LTT&utm_campaign=EverythingForex#.Vl40imCFE3Q, http://www.academia.edu/1600985/The_Effects_of_Globalization_on_World_Income_Inequality, https://www.globalpolicy.org/component/content/article/162/27607.html, http://www.ikea.com/ms/en_JP/customer_service/faq/help/about_store/about_stores.html, http://fivethirtyeight.com/datalab/where-the-u-s-gets-its-clothing-one-year-after-the-bangladesh-factory-collapse/. Nobody seemed to listen to him. And he did beat his breast. Containerized shipping – the use of containers that are easily transferred from ship to truck or train – has dramatically reduced the cost of shipping goods. They were for small transactions. CROWD OF PROTESTERS: Maggie, Maggie, Maggie. NARRATOR: Russia ended the war as a military and industrial giant. 5 Tips For Organizations To Develop Their CSR Strategy In 2020, Top 10 Companies With The Best Corporate (CSR) Reputation In 2020. NARRATOR: The American people voted for change, and Reagan became president. Onscreen title: Switzerland, 1947 We want to build a new society." And Reagan was, in a sense, their popularizer. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The philosophy was nationalization, centralization, control, regulation. Thus, the massive development of transport that has been the basis of globalization is also responsible for serious environmental problems such as greenhouse gas emissions, global warming or air pollution. MARGARET THATCHER: And I'll strive unceasingly to try to fulfill the trust and confidence that the British people have placed in me and the things in which I believe. And what is the effect of regulating the railroad industry? It made a lasting impression on her. You also have the option to opt-out of these cookies. Nobody seemed to agree with him. O primeiro governo democrático a se inspirar nos princípios neoliberais foi o de Margaret Thatcher, na Inglaterra, a partir de 1980. RONALD REAGAN: From our very first day, we have been working to undo the economic wreckage they left behind. Stephen Breyer, now a Supreme Court justice, then a Harvard professor, was asked by liberal Democratic senator Ted Kennedy to head a Senate investigation of airline regulations. LAWRENCE SUMMERS: The old debates were about what the role of the market was, what was the role of the state. (laughs) Then two things happened. JOHN MAYNARD KEYNES: The inhabitant of London could order by telephone, sipping his morning tea, the various products of the whole earth, and reasonably expect their early delivery upon his doorstep. We want to know what's going to happen, because if you succeed, others will follow." The G20 is a global bloc composed by the governments and central bank governors from 19 countries and the European Union (EU). More than 250 million people around the world work for co-operatives; they have a billion members and they impact the lives of 3 billion people. This is an organizational model that works. It can be scaled up. If not us, who?" NARRATOR: For more than a year the miners held out, until internal rifts and the desire of many to return to work brought the walkout to an end. People were interested in ideas and argument and not in making sure you didn't ruffle anybody's feathers. Hardworking and studious, she won a place at Oxford University, where she became interested in student politics. Well, those were dramatic. Because of this, some say globalization begun about 60,000 years ago, at the beginning of human history. JOHN MAYNARD KEYNES: If we take the view that Germany must be kept impoverished and her children starved and crippled, vengeance, I dare predict, will not limp. “My guiding principle is that prosperity can be shared. Kahn had spent years studying government regulation; now he had a chance to do something about it. And no religion, too. Many people are nowadays citizens of the world. NARRATOR: Reagan's tax cuts, the biggest in history, led to huge deficits. NEWT GINGRICH: Here was a man who had intellectually changed the world without really ever leaving the university. As a matter of fact, a recent report from Oxfam says that 82% of the world’s generated wealth goes to 1% of the population. GARY BECKER, Professor of Economics, University of Chicago: When I came as a graduate student to Chicago 1951, I was flabbergasted by how stimulating the atmosphere was. We're never going back to unemployment, the Great Depression, to fascism, to rearmament. Chapter 12: The Specter of Stagflation [6:34], Onscreen title: Austria, 1970 And if you died, the gravediggers were out, too. To add insult to injury, he declared, "Now I am a Keynesian." From the 1980s, driven by neo-liberal policies, the world of finance gradually opened. You had stagnation in the economy, high level of unemployment. MANMOHAN SINGH, Minister of Finance, 1991-1996: Nehru was a rational thinker, and he wanted to apply science and technologies to solve the great mass poverty that prevailed at the time of independence. JOSEPH STANISLAW: What Margaret Thatcher did in Britain and the principles that she introduced were imitated worldwide -- Asia, Latin America, even in Africa and to some degree in the Middle East. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe. Good examples of cultural globalization are, for instance, the trading of commodities such as coffee or avocados. JOHN KENNETH GALBRAITH: One could not have had a better demonstration of the Keynesian ideas, and I think it's fair to say that as a young Keynesian in Washington, in touch with the other Keynesians there, we all saw that very clearly at the time. Chapter 14: Deregulation Takes Off [7:29]. However, for different reasons, not everyone has been benefiting the same from globalization and technological change: wealth is unfairly distributed and economic growth came at huge environmental costs. His critics, he said, were fools, were stupid, because the state, the government, the Bolsheviks would control the overall economy: steel, railroads, coal, the heavy industries -- what he called the "commanding heights" of the economy. Avocados, for instance, grown mostly under the tropical temperatures of Mexico, the Dominican Republic or Peru. LARRY LINDSEY: The first was the concept of sound money. Download Download PDF. GORDON BROWN, Labor Finance Minister: The coal-mining strike of the early 1980s was a tragedy for so many of the mining families that were involved in it. JEFFREY SACHS: There's no doubt that at the end of World War II there was a tremendous loss of faith in the market economy. Friedrich von Hayek served in the Austrian artillery. NARRATOR: Austria had lost the war and its empire. Shows how liberal, neoliberal, and nationalist ideas have combined to impact Western states' immigration and citizenship policies. So is it going to be on balance positive or negative? NARRATOR: Most people would have agreed with Keynes when he wrote this to Hayek. RALPH HARRIS: The institute started in 1957, you could say the direct result of the Mont Pelerin Society, of The Road to Serfdom, of Hayek's ideas of freedom and competitive enterprise. NARRATOR: Harvard University became an intellectual bridgehead for Keynes in America. ROBERT SOLOW, Professor Emeritus, Massachusetts Institute of Technology: We thought it was a great day when Kennedy decided to give that speech at Yale and to talk about economic policy. For decades, the ideas of John Maynard Keynes dominated the economies of the Western world. Very often, it raises prices. SAM PELTZMAN: If you look at the whole of the 20th century, there's been a huge cycle. This cookie is set by GDPR Cookie Consent plugin. But nonetheless, he started to rethink the Conservative policy. NARRATOR: As the 20th century drew to its close, and our new century began, the battle over the world economy intensified. NARRATOR: Socialism was on the march; capitalism and free markets were on the retreat. Indeed, the multiplication of economic and financial exchanges has been followed by an increase in human exchanges such as migration, expatriation or traveling. Scientific socialism seemed to be in the ascendancy. Found inside – Page 156First, the executive-centered structure of decision-making authority enabled Prime Minister Thatcher to make certain ... When John Major succeeded Margaret Thatcher as prime minister on her resignation in November 1990, he inherited the ... DANIEL YERGIN: For Roosevelt and the New Deal, it was a war. NARRATOR: The man who was to sweep away airline regulations is a lifelong Gilbert and Sullivan fan. MARGARET THATCHER (interviewed in 1993): And then suddenly it collapsed, the strike, and the most powerful union with the most militant leader had failed. RALPH HARRIS: Attlee actually went out of his way to refer to this foreign professor with this august [name], Friedrich August von Hayek -- this foreign chap with a slightly German accent. JEFFREY SACHS: The tide had surely swung. MARGARET THATCHER: The political consequences of the failure of the strike were incalculable. Onscreen title: New York, The Roaring 1920s MARK GARNETT: It was almost a badge of honor that he would come away from these meetings with egg yolk running down his suit. And the goal was to make it easier to exchange capital between the world’s financial players. Margaret Thatcher. Here, delegates gathered from all over the world to organize the postwar economy. NARRATOR: People believed this perfect mathematical model could be applied in a less-than-perfect world. Globalization had begun. Taking a worldwide perspective, including Britain, where the process began with Mrs Thatcher, Europe and the former USSR, China, Latin America and the US, THE COMMANDING HEIGHTS shows how a revolution in ideas is transforming the world ... In fact, it made things worse. And that of course not only greatly bolstered her standing within the Tory Party, it bolstered her standing in the country, and it greatly enhanced her reputation internationally. He says that small businesses can operate, and you start to get an economic revival. We can create wealth together. VOICE OF MAHALANOBIS: Let YT equal national income, CT equal consumption, and KT equal investment at time, open bracket, open bracket, one plus lambda K beta K, closed bracket, minus one, are fractions of investment allocated to industries producing capital goods; that is K sector and consumer goods at C sector, respectively. And the price of everything kept rising. But back then, nobody wanted to model themselves on Germany. JOSEPH STANISLAW: The coal miners represented the last bastion of the socialist mindset in the UK. Voters blamed Ted Heath and voted the Conservatives out of office. JAIRAM RAMESH, Senior Economic Advisor to India's Congress Party, 1991-1998: In the 1950s India was the Mecca of all economists. He was genuinely hurt that the students had reacted to this penetrating argument by chucking flour bombs at him. That was the hope, and it was the hope that gave us the welfare state, gave us the National Health Service, gave us full employment, gave us trade union rights, really rebuilt the country from the bottom up. DANIEL YERGIN: It was only when Hayek was a very old man that his ideas began to prevail and the world began to change. For instance, businesses such as McDonald’s or Starbucks don’t sell exactly the same products everywhere. Some people feared globalization and questioned the benefits. They built dams and highways and national parks. Across the developing world, socialism, planning, government control, regulation, and ownership -- these became the gospel. MAN: I think it stinks, like all the other damn strikes in this country run by the filthy Socialist Communist unions. But the Great Depression continued to cast its long shadow. NARRATOR: Naturally, the established airlines were quite happy with this arrangement. JOHN FITZGERALD KENNEDY: What is at stake in our economic decisions today is not some grand warfare of rival ideology which will sweep the country with passion, but the practical management of a modern economy. In order to make this quality content a reality and to give your the best experience on our website (Comments, Votes, Newsletter, Content upon your own interest and geographic position…) we use technologies that can sometimes need cookies. Apart from all the benefits globalization has had on allowing cultural exchanges it also homogenized the world’s cultures. These are perhaps the greatest contributors to the speed at which cultural exchanges and globalization are happening. They were pretty cordial. These cookies will be stored in your browser only with your consent. People couldn't cover their costs. He then embarked on a whirlwind program of reform. Inspired by the economic theories of Karl Marx, the Bolsheviks sought to smash capitalism. Imagine there’s no countries. had nothing left to do but close itself down. ALFRED KAHN: And once they were free to compete, you began to get super-saver fares and super-apex fares and potato fares and peanuts fares -- an explosion of discounting and competition.

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