After watching the film Commanding Heights, I have learned the concepts of Keynes and Hayek. At first, people believed in Keynes’ concepts in a planned economy with governement intervention, and Hayek’s concepts in that free markets and democracy will go together, and he thought that there should be limited government intervention. Another concept I learned was stagflation, which is when inflation and unemployment rise at the same time. This concept was unusual because there were two things going on at the same time, in that there was a high level of unemployment and inflation which raised prices. In addition, another key person in this film was Margaret Thatcher, also known as the “iron lady”. She was an important figure as she transformed Britain, and was successful in revolutionizing the economy by squeezing government spending, and cut subsidies to business.