Flying over Berlin in 1991 – aerial shots taken by a helicopter
Berlin 1990 the end of the war (Part 1, Part 2, Part 3) – home movies shot by Derek Williams, who was in Berlin to see the Pink Floyd concert.
The BBC has a very useful web resource on Tunnel 29. The excellent podcast Criminal covers it in this episode:
Here I am visiting the Berlin wall in 2023:
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Collective (2020) – a heart wrenching account of how public officials and investigative journalists sought to bring awareness and justice for the 64 people who were killed, and 146 who were injured, in a preventable nightclub fire in 2015.
To see Ceausescu’s speech on December 21st and the exact moment where he realised that it was all over, see here; to see him being tried, and shot, see here.
Welcome to my four part series on transition. Join me to understand more about the transition from communism to capitalism in Central and Eastern Europe, and the battle between the Russian oligarchs and the current Putin regime.
Each video is posted below (a link to the YouTube playlist is here):
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To listen to the lectures as a podcast just paste this RSS feed into your favourite podcast app (if you use Apple Podcasts select Library > … (More) > Follow a show by URL.
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You can also listen to the audio below (a link to the the SoundCloud playlist is here):
Contents
Part 1: “Steps in the Dark: Why socialist calculation is impossible” (YouTube | Vimeo | SoundCloud)
In the first of this four part series we see why capitalism became the only economic system left standing.
Part 2: “Economic transition in Central and Eastern Europe: Shock therapy or gradualism?” (YouTube | Vimeo | SoundCloud)
In the second of this four part series we understand more about the circumstances following the end of the USSR, and the alternative transition strategies that former communist countries faced.
Part 3: “The Oligarchs: How the new tycoons rose to power” (YouTube | Vimeo | SoundCloud)
In the third of this four part series we look at how a new type of business leader emerged in Russia and took advantage of the transition process.
Part 4: “Russia’s kleptocracy: And the rise of Putin” (YouTube | Vimeo | SoundCloud)
In the fourth of this four part series we uncover how Putin came power, how he gained control of the Russian economy, and how he has disrupted the global geopolitical order.
Credits: Thank you to Simulus for recording and editing the content.
I devoted a section of Chapter 12 of my Managerial Economics textbook to transition. You can read it for free here.
Here are two videos defining capitalism and liberal democracy:
I have another lecture in this series, on Fukuyama’s ‘End of History’ thesis and how this relates to Eastern Europe, identity politics, and populism. I intend to record that as a live talk, so if you’re interested in hosting me get in touch!
2025, “Revealing the Benefits of Trade to University Students” in Rangley, Max, and Hannan, Daniel, (Eds.) Free Trade in the Twenty-First Century, Springer
2015, “The financial crisis in the United Kingdom. Uncertainty, calculation and error” in Boettke, Peter J., and Coyne, Christopher J., (Eds.) The Oxford Handbook of Austrian Economics, Oxford University Press
2011, “The Irish Economic ‘Miracle’: Celtic Tiger or Bengal Kitten?” in Howden, David (Ed.) Institutions in Crisis: European Perspectives on the Recession, Cheltenham: Edward Elgar
2010, “Only Individuals Choose” in Boettke, Peter J. (Ed.) Handbook on Contemporary Austrian Economics, Cheltenham: Edward Elgar
2010, “Banking, Inflation and Recessions” in Wellings, Richard (Ed.) A Beginner’s Guide to Liberty, Adam Smith Institute
Although many markets today are virtual, it is important to recognise the culture and tradition contained within long standing physical market places. Known as one of the biggest open air markets in Europe, Porta Palazzo is also one of Turin’s most popular tourist attractions. It contains a wide range of different stalls, exemplifying the bustle and atmosphere of routine commercial activity. It has historically been the centre for people’s livelihoods, their access to goods and services, and their social identity. The market serves multiple purposes:
I’ve been coming to teach in Turin for many years, but only found out about Porta Palazzo when I read Rachel E. Black’s anthropological study. So on my visit in November 2023, I took a quick taxi ride from the ESCP campus to have a look around. The outdoor market meets the covered part at its entrance:
The inside section is a labyrinth with multiple vendors selling whatever meats, fish and bread you can imagine. Behind the counters some stalls have ladders leading up to their hidden storage areas, and vendors serve you from a height.
I was particularly impressed by the variety of animals and cuts of juicy meat!
There is a “new” section of the market, which is modern, quieter, and more civilised. But it’s familiar and a little boring.
Across the road there is the open air market, and at first I made my way through stalls selling household items.
I even found a Porta Palazzo truck!
The most colorful and lively area by far contains the fruit and vegetable stands. Here, vendors are at the same level as their customers, and there is much greater noise and discussion.
Here are some of the orange and clementine stalls:
Like many markets, the pace of activity changes throughout the course of the day. It tends to be busiest around meal times, and better deals are made just before it closes. Across Italy, people are most likely to visit markets on weekends, but they are usually closed on Sundays.
Notice how many shoppers – especially older ones – wheel a trolley bag with them. Some of the younger customers appeared to be buying in bulk for commercial purposes.
There are several reasons why markets such as this have an older demographic. It can often be a combination of factors such as:
I also noticed younger vendors on the periphery of the market, selling mint and other fresh herbs.
These tended to be immigrants, who are becoming an increasingly important source of custom for markets across Italy.
I’ll finish this photo essay with the words of Rachel Black:
Although it is easier to focus on the big picture of the market as an institution, the complexity, personalities, and passions of the people who participate make markets truly extraordinary places. Through the people and their daily interactions, the marketplace takes on life and meaning. The time I spent in markets taught me that these are not waning sites of tradition and history; they are dynamic places of lively sociability that resist homogenization and remain open to the general public. Markets have always embraced globalization as a force that creates diversity and encourages social, economic, and cultural exchanges across borders and barriers, making them extremely timely institutions that have the potential to bring people together and help create community. Black, 2012, p. 180-181
Are there any other markets I can visit?
For an overview of where to visit in London, see “A Tour of London’s Markets“
To learn more about Porta Palazzo:
| This page presents a wide range of resources that have contributed to my interest in the post-Soviet transition from communism to capitalism. I intend to collate and highlight exceptional portrayals of the transition process in the former Soviet Union and other communist countries. |
| The Transition Lectures |
 For my four part lecture series on transition, see here. |
| Traumazone, by Adam Curtis |
| This collection of BBC archival footage provides a fascinating and absorbing insight into how life changed for ordinary citizens of the Soviet Union, from 1985 through 1999.
For more see here, and I also recommend Chris Snowdon’s review. |
| Commanding Heights, PBS |
| A 6 hour documentary based on Daniel Yergin and Joseph Stanislaw’s classic book. View them in sequence in the playlist below: |
| Other documentaries |
| The Second Russian Revolution, BBC – According to the show notes, “The acclaimed documentary series from 1991 that examined political in-fighting in the Soviet Union and the battle for perestroika.”
Life in Moscow, 1986 – A look at life in Russia featuring several expats. Available on YouTube:
Bald and Bankrupt – a British vlogger who travels around the former Soviet Union providing a glimpse at the legacy of communism. I particularly liked this video, filmed one day before the Russian invasion of Ukraine: For others see Romania. |
| Short video |
| Unknown footage – via Soviet Visuals on X/Twitter
https://x.com/i/status/1765620007029891295
For more see Berlin. |
| Movies |
| Good Bye Lenin! (2003) – Set in East Berlin, a woman falls into a coma and misses the fall of the Berlin Wall. When she awakens her children don’t want to shock her, and attempt to screen the economic changes occurring outside the bedroom window. This is an entertaining but poignant demonstration of the transition process and alternative economic systems.
The Lives of Others (2006) – An enthralling depiction of the East German Stasi, with the main character questioning the implementation of his ideals whilst spying on a playwright. There’s no neat ideological conclusion, but a challenging portrayal of espionage. Leviathan (2014) – A wonderfully presented tale of eminent domain and the bureaucracy and corruption that come with it. I was expecting a battle between man and the state, but it was more of a Vodka-fuelled truel than a duel. (Also contains a fascinating side plot with regard to how it was funded.) Comments above are taken from my Shin Film List. |
| Podcasts |
The Rest is History has a good, 4 part series on transition. Links to each episode are here:
Here are some other podcast recommendations:
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| Online courses |
Here are some recommended online courses and videos:
Here is a webinar with Howard Beatty on why free markets outperform central planning: |
| Photos |
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| Personal accounts |
| Here is a profile of Hillsdale professor Ivan Pongracic:
Also: “Little Oranges and Big Boots: Memories from My Childhood in Communist Romania” by Radu Nechita, FEE, May 19th 2019 |
| Written ethnography |
Here are some recommended books that uncover the impact of transition on the daily life of ordinary people:
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Course introduction
This course equips students with an understanding of how useful economics is for energy professionals. The Micro part of the course covers market design and the interpretation of price information, and relates this to the challenges posed by disruptive technologies. The Macro part looks at the changing nature of the energy industry, including new technologies, sustainability objectives, and geopolitical implications. The course presents this material in an integrated way and challenges students to become effective problem solvers in both individual and team based settings.
Course assessment
Recommended podcasts
Online, October 2024
This course provides an overview of core economic concepts and how they relate to senior executive management. Particular focus will be placed on the theory and practice of internal markets and how organisations have harnessed the knowledge and incentives provided by market mechanisms. Group work will focus on an analysis and assessment of the macro context for a relevant country, looking at monetary and fiscal policy as well as a broader set of social and environmental indicators.
Course textbook:
Assessment:
Course handouts: will be made available during the course
| Pre class activities |
| Please read all of the information below carefully in order to prepare for the course. The textbook references are background materials and can be read anytime. The required materials should be read or watched in advance. At the end of Day 1 I will be referring to the 2016 film ‘Arrival’. Here’s a trailer. If you’ve not already seen it, I suggest familiarising yourself with the plot (spoiler alert). Or better still, watch it! |
| Day 1: Thursday 10th October |
1. Managerial insights* (handouts)
2. Incentives GW (activity)
3. Value creation GW (activity)
4. Markets and AI* (handout)
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| Day 2: Friday 11th October |
5. Price discrimination GW
6. Price discrimination DB* (handout, board plan) 7. The evolution of money* (handout)
8. Case study: Beirut (questions, board plan) |
| Day 3: Saturday 12th October |
9. Macro Trends* (activity, handout)
10. Macro Risk* (handout, activity) 11. Presentation GW (instructions) 12. Presentations
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Note:
An asterix (*) means that lecture slides will be available.
GW means group work. DB means a whole class debrief.
Why don’t you take attendance at the start of class?
The first 15 minutes of the class are very important and I do not want to devote them to administrative tasks. I also want to pretend that you turn up to learn something, and not purely because you require proof of being present. You are expected to be present for the entire duration of the session and therefore it shouldn’t matter when I take attendance, but I normally do so at the start of the break. It is your responsibility to ensure that you are marked as present before leaving the class.
Why don’t you make all of the content from your lecture slides available?
As a professional educator one of my main concerns with the prevalence of digital content is the impact it has on a student’s ability to gather, synthesize, and critically engage with content. I try to ensure that all of my live sessions are unique and generate content that requires attention and consideration. For this reason I strongly encourage students to take notes, and debrief with group members, instead of relying on the provision of solutions, punchlines, or board plans at some future date. There are three types of powerpoint content that I reveal in class and aren’t visible in the PDF lecture handouts. They are either:
You should therefore treat this information the same as something I write on the whiteboard or say verbally, where the burden is on you to take notes rather than rely on handouts. Recognising what is pertinent and what is not is a key part of your obligations as a learner. This is also a reason why student attendance is important, since there is a necessity to be present in class to receive all of the necessary information. For the same reason that I don’t provide copies of my whiteboard plans or recordings of class, some powerpoint content is deliberately restricted.
Rest assured that I pay close attention to what is and isn’t within the PDF handout. If it is something relevant for an exam then it will be easy for you to fill in the gaps. If the information is relevant, but not necessarily important, you will be able to find out more either through a footnote or the additional resources on my website. In any case, if you feel that you didn’t capture some relevant information, whether it was communicated via powerpoint, on the whiteboard or verbally, just let me know and I’d be happy to help your revision. Part of my responsibility as an instructor is to ensure that you do not finish the course missing any important information. But your responsibility as a student is to be in charge of absorbing what happens in the classroom.
Is the final exam open book?
You will take the exam on your own laptop and are allowed to consult any notes. The exam is “open book” in the sense that you can use course materials. However, you may not use your laptop (or any other electronic device) to communicate with anyone (e.g. another student or a LLM such as ChatGPT). The purpose of the exam is to test your knowledge of the content, rather than your ability to use the internet to find answers to questions. Therefore obtaining help from someone/anything else during an exam (whether it’s a fellow student or an AI) is a serious offense and will result in disciplinary action. You can use your device to access course materials. You may not use it for communication.
How do I get full marks on a MCQ?
For full marks you need to select all of the correct answers. Depending on the intended difficulty level and the software being used it may not be obvious how many of the provided answers are correct. This is to ensure that you consider each one carefully. Partial credit will be available in some instances.
