The Commanding Heights: The Battle Between Government and the Marketplace That Is Remaking the World by Daniel Yergin and Joseph. The Commanding Heights: The Battle between Government and the Marketplace That Is Remaking the Modern World, by Daniel Yergin and. The Commanding Heights: The Battle for the World Economy is a book by Daniel Yergin and Joseph Stanislaw first published as The Commanding Heights: The  Pages‎: ‎


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We never find out. Fundamentally, the SEC regulates business speech to make the market fair for the little guy. Infatuated by the idea that no one stockholder should know more commanding heights yergin any other, the SEC for years prevented them from meeting together.

Quarterly Journal of Austrian Economics

Then it enforced vigorously laws against people who knew more the insiders than others the outsiders. It is immaterial to the SEC whether those insiders created that information.


This agency made it a criminal act for a person who commanding heights yergin more than another to trade on that knowledge and make a profit. Thwarting efficiency in capital markets has its costs: Yergin and Stansilaw note that change accelerated during the s, but they do not even mention commanding heights yergin farsighted and dominant agents of change: In the eighties, entrepreneurs discovered gross bureaucratic inefficiencies in large firms.

The Gradual Revolution

They found they could capture the value of commanding heights yergin assets by breaking apart diversified firms and consolidating lines of business. These entrepreneurs were unique in the world: Entrepreneurs concentrated financial power commanding heights yergin employed information that they themselves created to contest the incumbent management.

Boone Pickens, using investment bank Drexel Burnham Lambert, could compete for the assets of a company by offering a stronger corporate vision.

Whose side was the SEC on? It fought the perfectly legitimate activities commanding heights yergin the capital markets, tooth and nail. Nearly every step of the way, the agency undermined the power of financial markets and promoted the increased bureaucratization of markets.

Attorney Rudolph Giuliani commanding heights yergin on the other by sundry state legislators beholden to corporations in their district.


While their rationale for penalizing Drexel was to keep the markets fair for the little commanding heights yergin, in fact, its laws were purely protectionist. In the commanding heights yergin, people were put in jail Michael Milken and legitimate techniques vilified like hostile takeover arbitrage—Ivan Boesky because they violated the policy of perfect competition.

Milken and others made the market fall short of its false ideal, by tipping the playing field, by upsetting expectations, concentrating market power.

The Commanding Heights

Commanding heights yergin fact, Drexel, the most successful investment bank of the s, was punished for undermining establishment interests.

The third problem is their conception of the mixed economy, and where the most significant lines between market and government are drawn. Their account of financial market power is weak and leaves far too commanding heights yergin of importance out of the picture.

Their oil monomania blinds them. Wages and prices were fixed.

But the great Marxist experiment was in trouble. Lenin had an economic disaster on his hands. Soviet Russia was a grim place, haunted by cold, famine, hunger, and death.