Rating: 
Summary: A Great Introduction
Review: The political upheavals of the last 50 years have created a broad array of economic challenges in the areas of international trade, global finance, the monetary system, economic justice, and economic development. If the end of World War II began an ambitious experiment in the foundation of a global economic order, the fragmentation of the old empires initiated a multitude of unique historical experiences with economic development. "The Commanding Heights" captures this rich and exciting history better than any other text I'm aware of. Its strengths are many.The authors do a great job getting at the fundamental conflicts over economic philosophy and economic theory that have shaped the shifting consensus over the proper relationship between the state and the market. There's little economic theory here, but non-economists and economists alike will find the battle of economic ideas engrossing. The book is divided by region and by historical period, and each unique narrative focuses on the dominant personalities that have dominated economic experience. The seemingly dry topic of economic history is animated by exiting descriptions of the fascinating political and personal struggles in which this history is embedded. Filled with fascinating anecdotes and compelling historical explanations, "The Commanding Heights" brings the global economy to life. "The Commanding Heights" is an incredibly ambitious undertaking, and it's ultimately impossible for certain topics to be covered in satisfying detail. Chronology is vague and confusing at times, and the economic experiences of more marginal economic experiences, such as certain countries in Africa and Southeast Asia, are painted in such broad strokes that detailed information is lost in the rhetorical grandeur. While the book is comprehensive, it is by no means exhaustive, and readers wanting economic and historical specifics will find themselves frustrated and yearning for a greater level of detail. But this is not necessarily a weakness (this is first and foremost and introductory text) - the book succeeds in exciting the reader to explore the more detailed texts in the bibliography. Every chapter left me wanting to know more. Perhaps unfortunately, "The Commanding Heights" exhibits a stark free-market bias, privileging growth over equity and paying very little attention to Soviet economics. Often the authors fall into the trap of describing history as a series of events justifying the present-day mainstream of economic thinking. These authors clearly love the minimal state, and are willing to indulge in Keynesianism, but anything beyond a modest welfare state is treated mostly as a historical mistake rather than a meaningful economic experiment. The economics are on the authors' side, but more reading is necessary for a more inclusive perspective. In sum, this book is a great introduction. It will make you want to read more about economic theory, economic institutions, and the history of the countries discussed in this text. It's a wonderful point of departure, and its strength is that it will inspire the reader to go far beyond. I never imagined economic history could be so engrossing.
Rating: 
Summary: Skip it and read The Prize
Review: The Prize was riveting. This one is long and superficial although with some interesting ideas and chapters. The style is journalistic (always the same type of non sense anecdote to open a new chapter). There is too much raw stuff and not enough presentation of ideas. Chapter after chapter you will go from one country to the next but the sum of the parts does not add up to a very powerful demonstration. A decent book. By no means a must read.
Rating:
Summary: Highly Recommended!
Review: The second half of the 20th century was marked by the ebb and flow of government influence over national and international economies. Daniel Yergin and Joseph Stanislaw characterize the balance between government and private marketplace clout as a battle for the commanding heights of the economy. They trace this fight back to the years after World War II, where they discover that capitalism had been widely discredited and governments were basking in the glow of wartime victory. With descriptions of the catalytic people and events that moved markets and policy, Yergin and Stanislaw have turned an essentially academic topic into a readable book, which is as much about economics as it is about history. As engaging as the stories are, don't assume you're in for a light read. Many business books today have plenty of sizzle, but not much steak. We at getAbstract recommend that you sink your teeth into this big, juicy T-bone of a book, a rare treat for intellectual readers searching for economic adventure and substantive history.
Rating:
Summary: Great overview of modern economic history.
Review: This book covers most of the important points. It leaves a lot of details out, but this is a very ambitious topic and I can't imagine how a single book could be more detailed. Unfortunately, leaving out details also leave those like Mark Dempsey clinging to flawed ideas. For example, the S&L crisis (much like the great depression) wasn't caused by a failure of the marketplace, but rather, caused by flawed government intervention. The government (specifically, the FDIC as created by the New Deal) removed market dicipline by allowing people to deposit up to $100,000 with risky savings & loans without any market risk -- thus giving S&L instituions a fiat to play with other people's money at the tax-payer's expense. The FDIC of course, was created in response to yet another government created crisis -- the great depression, which was caused not by the market crash of 1929 but the fed contracting the money supply and the Smoot-Hawley Tariff Act of 1930. Leftist revisionists...should spend a bit of time reading books like the Monetary History of the United States by the nobel laureate Milton Friedman instead of [most likely] drivel such as A People's History of the United States by the likes of Howard Zinn (which is equally politically motivated but far less entertaining than Ostrovsky's How the Steel Was Tempered).
Rating: 
Summary: somewhat overrated, but very enjoyable
Review: This book should have gotten five stars without a doubt. It's very readable; the author doesn't fall into the temptation of inventing new "-isms" as so many academics do. The content is extremely accurate and very well documented, with viewpoints from major historical players. Why not five stars? First, it did get a little repetitive and by the time I got to South America, the chapter seemed very predictable (let me guess, they cut spending and taxes and privatised, restricted monetary supply and killed off the evil hyperinflation dragon and everybody lived employed ever after). Second, instead of constantly giving concrete examples, the author could have examined the theoretical debates that pit free-marketeers and Keynesians against one another. The downside of free markets, both globally and domestically is not examined, despite the fact that the argumentative ammunition to bring down anti-market theories is abundant. Finally, I thought Daniel Yergin generalised a little too often when examining economic remedies. The dismal science is known as such because general assumptions in the real economic world are virtually impossible.
Rating:
Summary: History as written by the winners
Review: This is a valuable history of recent political and economic events written from the point of view that privatization is a good thing. Riders on British rail may quarrel with that, as may the folks bitten in the S&L bailout (by far the largest financial and political scandal in American history). Nevertheless, the book makes some good points. It just doesn't consider the possibility that sometime, somewhere government might do something right. One book to read to balance this is Bill McKibben's "Hope, Human and Wild"--particularly the description of Curitiba Brasil.
Rating:
Summary: Read this on vacation and enjoyed it more than fiction.
Review: Yeargin creates an easily understandable context for the fast changing economic news unfolding daily. It is compelling reading...hard to put down. Valuable for both students of government & world affairs as well as investors, Yeargin's commentary unfolds country by country, continent by continent, in much the same style as a Mitchener novel. I enjoyed the book immensly and would recommend it highly.
Rating:
Summary: Economic history from an exceptional view point.
Review: Yergin and Stanislaw have delved deeply into what makes successful and sustainable economic practices and what does not. They have produced a truly modern economic history of immense value. They focus on the people who developed the ideas, the flow of those ideas into implementation and the political leaders who made them a reality.
This is one of a select few books that have opened up my senses to the world so thoroughly that everything I see is now viewed in greater appreciation of free markets and democracy.
Rating:
Summary: Superb and insightful...incredible breadth and scope
Review: Yergin has done it again. He is a master of using his biting intellect to make a trenchant analysis of the most daunting and obscure--the global economy. This is probably the best non-fiction I have read in years!
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