Commanding Heights

Commanding heights is a term used to describe the 20th-century “battle of ideas,” an ongoing struggle between governmental power and market forces for control of the global political economy. This entry contains an account of how this battle unfolded and how its main consequences for the world economy are still apparent today. In particular, central to this dispute and its significance for business ethics and society today, is the continuum of confidence that has, on the one end, those who would entrust the commanding heights to full state control and, on the other end, those who place their full trust in market forces. After all, both camps claim that their strategy is for the betterment of society and that the other’s is for its detriment.

The ...