At its heart the Cold War was a competition between two economic systems. Despite having in common a "military-industrial complex", they were profoundly different in the degree of freedom they offered their citizens, the living standards they were able to achieve and the pace of technological innovation they could sustain. In this first lecture, Niall Ferguson compares and contrasts the United States and the Soviet Union in the Cold War and asks how far the outcome of the Cold War was economically determined from the outset. In particular, what role did commercial and financial globalisation play in enhancing U.S. power in the world? And how serious a threat did inflation pose to the United States in the 1970s?

Professor Niall Ferguson is the Philippe Roman Chair in History and International Affairs for the 2010-2011 academic year.

Born in Glasgow in 1964, he was a Demy at Magdalen College and graduated with First Class Honours in 1985. After two years as a Hanseatic Scholar in Hamburg and Berlin, he took up a Research Fellowship at Christ's College, Cambridge, in 1989, subsequently moving to a Lectureship at Peterhouse. He returned to Oxford in 1992 to become Fellow and Tutor in Modern History at Jesus College, a post he held until 2000, when he was appointed Professor of Political and Financial History at Oxford. Two years later he left for the United States to take up the Herzog Chair in Financial History at the Stern Business School, New York University, before moving to Harvard in 2004.

He is a regular contributor to television and radio on both sides of the Atlantic. In 2003 he wrote and presented a six-part history of the British Empire for Channel 4. The accompanying book, Empire: The Rise and Demise of the British World Order and the Lessons for Global Power (Basic), was a bestseller in both Britain and the United States. The sequel, Colossus: The Rise and Fall of the American Empire, was published in 2004 by Penguin. Two years later he published The War of the World: Twentieth Century Conflict and the Descent of the West, which was also a PBS series. His most recent books are the best-selling Ascent of Money: A Financial History of the World and High Financier: The Lives and Time of Siegmund Warburg. He is now working on the life of Henry Kissinger.

A prolific commentator on contemporary politics and economics, Niall Ferguson writes and reviews regularly for the British and American press. He is a contributing editor for the Financial Times and a regular contributor to Newsweek. In 2004 Time magazine named him as one of the world's hundred most influential people.

Slides

A copy of Professor Ferguson's PowerPoint is now available online.

Download: The Political Economy of the Cold War (pdf)

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