this post was submitted on 27 Nov 2024
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I'm not sure if Volcker hiked interest rates in order to usher in Friedman's desired changes. From what I can gather Friedman and Volcker weren't buddies. I found some statements of his that suggest his views on inflation came from Hayek. He did seem happy with Reagan crushing unions. However I can't see evidence he followed Friedman's agenda of redistribution from workers to capital. Nevertheless the crisis he created was used to start implementing it. The effects on workers are as described.