Wednesday, December 10, 2008

The Not-So-Invisible Hands of the Market

With Canadians facing an economic crisis that quickly seems to be degenerating into a total meltdown, it's important that Canadians understand the economic choices their politicians face.

The Commanding Heights is essentially a brief economic history of the modern world. Part one of the Commanding Heights focused in on the shortcomings of Keynesian economics -- the very Keynesian principles that many of Canada's political leaders want to turn to once again in order to have the government spend their way out of the current recession.

Part two presents the shortcomings of the alternative: the Friedrich Hayek/Milton Friedman model of unrestrained market economics that has helped lead not only to the current financial crisis, but has also exacted a staggering human cost in other parts of the world.

The film addresses such historical examples as Chile, Bolivia, Russia and Argentina, and reminds us of what tends to happen when Western economists and politicians try to incite economic revolutions in other countries.

It is not an experience that should be repeated in our own. The current situation calls for a new way forward, not merely recycling the failed economic revolutions of the past.

If we continue to do so, all we will ever succeed in doing is recycling the same consequences as before.

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