One thing I may agree with you is about the impoverishment of certain fringes of Western societies (the factory workers in particular).
I think this has to see with what was called “globalization”, but in fact corresponded to making business almost exclusively with authoritarian China. Having all the products manufactured in one such place could not but lead to these kinds of problem.
Note that this has in reality little to see with free-market theory, because free-market theory would want that factories (so, not only factories of one same country, but of many different countries) compete to get the projects.
This strategy had two reasons:
_One was to move away communist China from the USSR, for obvious security concerns. This has nothing to see with free-market theory.
_Crony capitalists, greedy politicians for whom it was beneficial to work exclusively with one (authoritarian) place. But this has nothing to see with free-market theory, on the very contrary.
_The other is the influence of economists such as Friedman on Reagan’s and others administration, who believed that economy can solve all problems on earth (the famous line we heard all day long at the time that with the rising of standards of living, the Chinese and Russians will end up calling for political and civil freedom). And now we see that economy did not solve all problems on earth obviously.
But here I don’t think Friedman meant to have all products manufactured in only one place, so we cannot blame him for this “globalization”.