"The Commanding Heights" by Daniel Yergin and Joseph Stanislaw is a fascinating book that explores the history and evolution of the global economy over the past century. The book takes its title from a phrase coined by Lenin, who argued that control of the "commanding heights" of the economy - such as energy, transportation, and telecommunications - was essential to achieving political power.
One of the key takeaways from the book is the idea that the global economy has undergone significant changes over the past century, with power shifting between the private sector and the state. Yergin and Stanislaw argue that the period from the late 19th century to the early 20th century was characterized by the dominance of laissez-faire capitalism, in which the private sector had significant power and influence over the economy.
However, the authors argue that the Great Depression and World War II led to a shift towards state intervention in the economy, as governments sought to regulate and control economic activity in order to prevent another crisis. This trend continued through the post-war period, with governments taking an active role in areas such as nationalization, social welfare, and industrial policy.
Another important theme in the book is the idea of globalization and the rise of neoliberalism in the 1980s and 1990s. Yergin and Stanislaw argue that the collapse of communism and the rise of the information age led to a renewed emphasis on free markets and private enterprise, with governments around the world privatizing state-owned enterprises, reducing regulation, and promoting trade liberalization.
Overall, "The Commanding Heights" is a well-researched and engaging book that provides valuable insights into the evolution of the global economy over the past century. While the authors' perspective may be controversial or debatable, their analysis is thoughtful and provides a useful framework for understanding the forces that shape the economy. The book is a must-read for anyone interested in economics, history, or political science.