The Cost of Free Trade: Unpacking Milton Friedman’s Legacy" part 2
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The Cost of Free Trade: Unpacking Milton Friedman’s Legacy" part 2
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the consequences of global trade, connecting job losses to stagnant wages and a surge in billionaire wealth. It argues that while companies profited from cheap overseas labor, American workers experienced little to no wage growth since the 1970s. The analysis critiques Milton Friedman's free-market theories, suggesting they failed to account for growing inequality, market failures, and the human cost of globalization. The episode uses personal stories from affected workers in cities like Youngstown and Flint to illustrate the real-world impact of these economic shifts. Ultimately, the source contends that Friedman's vision did not deliver prosperity for most, instead contributing to the wealth gap and social unrest, and it sets the stage for further examination of Friedman's theories in a subsequent episode.