URL: https://digitalcollections.hoover.org/objects/1957
Collection Structure Commonwealth Club of California records >  Sound recordings of club programs >  Internationalization of the U.S. Economy: Fact or Fiction?
Item Title Internationalization of the U.S. Economy: Fact or Fiction?
Collection Title Commonwealth Club of California records
Speaker Friedman, Milton (1912-2006)
Date Created July 15, 1988
Description 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.
Subject(s) Trade regulation International trade International relations United States Globalization Economic conditions
Language(s) English
Country of Origin United States
Place Recorded San Francisco, California, United States
Dimensions Duration: 1 hr, 27 seconds
Format Sound Recording
Medium speeches (documents)
Hoover ID Program 19880715; 2003c87_a_0004012
Record Number 2003C87.1646
Notes See also Collected Works of Milton Friedman, object 2016C21.0392.
Collection Guide https://oac.cdlib.org/findaid/ark:/13030/kt3g5032c1
Rights Used with permission of the Commonwealth Club of California.This copy is provided for educational and research purposes only. No publication, further reproduction, or reuse of copies, beyond fair use, may be made without the express written permission of the copyright owner.