The emergence of the global economy corresponds to the aftermath of World War I, and the battle of governments and markets for control over the field brought unexpected results. The establishment of strong ties among the nations and the expansion of trade and migration contributed to the revival of globalization while efficiently addressing the need for economic reformation (“Commanding Heights: The Battle of Ideas – Episode One (Official Video)”). This phenomenon as a part of the period presented both opportunities and threats for people, whereas the need for a balance was required in the first place.
The controversy of the time with regard to economic affairs remains a challenge for the present-day world, and the problems resemble the ones in the history of this aspect. On the one hand, the market economy following the political and technological trends led to the boost of the prosperity of the population, which defined their current situation (“Commanding Heights: The Battle of Ideas – Episode One (Official Video)”). On the other hand, the created social tensions and global terrorism contravened with the positive efforts of policymakers, and these issues are unresolved up to date (“Commanding Heights: The Battle of Ideas – Episode One (Official Video)”). From the point of view of the drawbacks, the situation seems fragile, and the historical events show the dubious nature of stability in the case of conflicts.
In conclusion, the consideration of the issues stemming from the enhanced globalization after World War I is advantageous for understanding similar mechanisms in the field in its present state. Their significance derives from the conflicting views of the government’s role in economic processes remaining the principal problem these days. Thus, the historical legacies in terms of practices and perceptions help understand the reality and plan for the future of the global economy.
Work Cited
“Commanding Heights: The Battle of Ideas – Episode One (Official Video).” YouTube, Web.