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.
this post was submitted on 27 Nov 2024
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