Friedman argues that, despite significant belief otherwise, the United States economy is not becoming internationalized. He notes that the financial system has been internationalized due to technology, talks about the balance of payments deficits, and then moves to the majority of his speech: examining why there is a perception of the internalization of the economy.

Friedman believes the world is moving away from a one-world economy and that it was much more integrated prior to World War I. He explains that if a country becomes bigger relative to the rest of the world, trade with the rest of the world goes down because it is more self-sufficient. He then speaks about the effect of inflation and oil prices. However, he says the biggest proof is that the world economy is far from functioning according to the law of one price. He believes government intervention and protectionist practices have led to a drift away from the law. He advocates removing trade barriers. He further advocates citizens contact their representatives to tell them they do not like trade protectionism.

Friedman's biography includes: Professor of economics, University of Chicago, 1946-77; recipient, Nobel Prize in economics, 1976; senior research fellow, Hoover Institution, 1977-2006.