The three documentaries all explained how the economic systems of the US and the West worked. The first documentary, "Inside Job", explained specifically the economic system inside US by introducing a financial crisis that started the recession from 2007 to 2009. Even though US is a very wealthy country, most money belongs to a minority group of people. This financial crisis, as explained by "Inside Jobs", is an intended crisis designed by the few wealthy people to make themselves even wealthier, and it was done legally with complete success. how did they do this? "Inside Job" explained that the wealthy people were able to influence the government to make it loosen laws over the financial industry. This allowed the investment banks to merge and lend money in a much higher rate compared to their assets. This also helped the increase of sub-prime loans, which are loans that seems to have low interest rates but will ultimately make the borrower pay lots of money. These loans, together with large number mortgages, became the cause of a cycle that pushes house price downwards, forces people to leave their houses, make banks and loan insurance companies bankrupt, and leave everyone except the few wealthy people poor. The crisis greatly characterizes the economic system of US, which strongly promotes economic liberalism and has a deeply unequal distribution of wealth.
The documentary "Why We Fight", on the other hand, explains US's interactions with other states as a hegemony. The most important idea mentioned in this documentary is the military-industrial complex. This is a theory that claims the interest for congress to fund on military projects is to win support from the people working in the military industries, and that the interest for the government to wage war against other states is again to gain favor from military industries and further to make foreign influences. This idea is corroborated in the video by the Iraq War, a war started without any tangible cause and resulted in more conflicts. This is another evidence of how US's economic system is structured, where there are almost no regulations on military spending and the military industries have large influence on government.
The third documentary, "Life and Debt," explains the economic system between the West and the global South by giving details of Jamaica's history. Jamaica was a colony of Great Britain. when it the colony gained independence, the country needed lots of money to rebuild itself, so Jamaica went to the International Monetary Fund, or IMF. IMF agreed to lend Jamaica money, but with restrictions that are very harmful to Jamaica's economy, one of them being depreciating its national currency. However, Jamaica needed the money, so it signed the agreement, which forced Jamaica's market to become open to the International market. Without the protection of tariffs, Jamaica was forced to import foreign goods that are cheaper than domestic goods, and this led to the failure of domestic industries, which led to unemployment, which further led to the lack of consumers on domestic goods. When foreign companies began dominating Jamaica's market, they also began employing some Jamaicans, but with very low wages. When the Jamaicans protest, Polices are sent to force them back to work. This example of Jamaica showed how the economic system is characterized by economic liberalism, where the West continues to profit from the global South. In fact, all three documentaries shows the negative side of economic liberalism, and how government regulation is important for economic growth, equality, and security.
The documentary "Why We Fight", on the other hand, explains US's interactions with other states as a hegemony. The most important idea mentioned in this documentary is the military-industrial complex. This is a theory that claims the interest for congress to fund on military projects is to win support from the people working in the military industries, and that the interest for the government to wage war against other states is again to gain favor from military industries and further to make foreign influences. This idea is corroborated in the video by the Iraq War, a war started without any tangible cause and resulted in more conflicts. This is another evidence of how US's economic system is structured, where there are almost no regulations on military spending and the military industries have large influence on government.
The third documentary, "Life and Debt," explains the economic system between the West and the global South by giving details of Jamaica's history. Jamaica was a colony of Great Britain. when it the colony gained independence, the country needed lots of money to rebuild itself, so Jamaica went to the International Monetary Fund, or IMF. IMF agreed to lend Jamaica money, but with restrictions that are very harmful to Jamaica's economy, one of them being depreciating its national currency. However, Jamaica needed the money, so it signed the agreement, which forced Jamaica's market to become open to the International market. Without the protection of tariffs, Jamaica was forced to import foreign goods that are cheaper than domestic goods, and this led to the failure of domestic industries, which led to unemployment, which further led to the lack of consumers on domestic goods. When foreign companies began dominating Jamaica's market, they also began employing some Jamaicans, but with very low wages. When the Jamaicans protest, Polices are sent to force them back to work. This example of Jamaica showed how the economic system is characterized by economic liberalism, where the West continues to profit from the global South. In fact, all three documentaries shows the negative side of economic liberalism, and how government regulation is important for economic growth, equality, and security.