Governments love inflation, because it enables them to inflate away the value of debt which would otherwise be unsustainable (or electorally unpopular). They become reliant on an unending stream of new efficiencies from innovation to hide its effects and globalisation, as you mentioned, is another handy way of staving off the political effects of the debasement of one's currency (although it's perhaps not as sustainable or reliable). When that fails, the redistributive mechanisms can always always be compounded with things like tax thresholds failing to rise with inflation, increases in tax rates, or new taxes (inheritance tax, for instance, is relatively recent), but taxation-by-inflation is definitely the unacknowledged elephant in the room.
Overall, today's mixed economies have a lot more central control than the average person realises, and it's no wonder that Marx was such a fan of central banking.
>Governments love inflation, because it enables them to inflate away the value of debt which would otherwise be unsustainable (or electorally unpopular).
This doesn't really work because when inflation goes up, so do interest rates. Inflation was rampant in the 70s, but so were the interest rates, so there isn't any free lunch here.
To a certain (limited to moderate) extent it does work, though, and this directly influences how much governments borrow in the present day. If long-term expectations for rates of inflation were zero or negative then governments would tend to decrease their borrowing over time, all other things being equal.
We both know that's the wrong way of thinking about it, though, because people's saving don't just sit in a vault; they are invested in opportunities that tend to be productive. This whole question ultimately comes down to people's ideological alignment concerning the moral underpinnings and practical realities of central planning and collectivisation vs. private property and free markets.
Overall, today's mixed economies have a lot more central control than the average person realises, and it's no wonder that Marx was such a fan of central banking.