Part 4/9:
The effects of inflation on the political order and economic policy cannot be understated. Recent essays have suggested that the rise of inflation threatens the traditional neoliberal structures Friedman advocated for by creating conditions that favor a shift towards protectionist, interventionist policies. Friedman’s predictions in the 1960s about inflation's impact appeared prescient when inflation surged in the 1970s, radically reshaping how corporations approached financial investments and regulations.