The Rise And Fall Of Monetary Policy - Ian Macfarlane
The Joe Walker Podcast
00:00
The Influence of Globalization on Inflation
The rise of developing countries flooded the world's markets with cheap manufactured goods. Hayek and Friedman had been saying throughout the 50s and 60s, this is going to lead to inflation. The second factor was labor-saving technical progress where in manufacturing robots replace people. Technological change allowed globalization as well; you don't need call centers are cheaper than in Philippines or India.
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