"The Cost of Free Trade: Unpacking Milton Friedman’s Legacy" part 3
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"The Cost of Free Trade: Unpacking Milton Friedman’s Legacy" part 3
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About this listen
This source critiques Milton Friedman's free-trade theories, arguing that the promised "boomerang dollar" effect, where money spent overseas returns to stimulate the U.S. economy, has failed. It highlights the growth of trade deficits, the role of cryptocurrency, and the hoarding of dollars by foreign entities instead of reinvestment in American goods and labor. The source contends that Friedman's policies have led to job losses, wage stagnation, and increased wealth inequality, benefiting billionaires at the expense of workers. It contrasts Friedman's approach with the protectionist policies of America's Founding Fathers, specifically Alexander Hamilton's advocacy for tariffs to bolster domestic manufacturing. The analysis suggests that a return to tariffs could revitalize American industry and reverse the negative consequences of free trade. Ultimately, the source presents a case against free trade and champions a return to protectionist economic strategies.