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The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation. [1] [2]
A related government intervention to price floor, which is also a price control, is the price ceiling; it sets the maximum price that can legally be charged for a good or service, with a common example being rent control. A price ceiling is a price control, or limit, on how high a price is charged for a product, commodity, or service.
The Economic Stabilization Act of 1970 (Title II of Pub. L. 91–379, 84 Stat. 799, enacted August 15, 1970, [2] formerly codified at 12 U.S.C. § 1904) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers [3] as part of a general program of price controls within the American domestic goods and labor ...
Recommendations on wages were no more effective, especially as the Transport and General Workers Union was opposed from an early stage to the government's attempts at wage control. From 1966 onwards, the government introduced a series of Prices and Incomes Orders to limit price and wage increases by law. This was in effect the end of the ...
The Liberal government under Pierre Trudeau was originally opposed to this idea; however, after winning the election, it introduced the Anti-Inflation Act in 1975. This act contained wage and price controls on parts of the economy and remained in force until 1978. In 1979, the anti-inflation board was dissolved and the Anti-Inflation Act ...
President Richard Nixon. Nixonomics, a portmanteau of the words "Nixon" and "economics", refers either to the performance of the U.S. economy under U.S. President Richard Nixon [1] (i.e. the expansions in 1969 and from 1970 to 1973 during the broader Post–World War II economic expansion and the recessions from 1969 to 1970 and from 1973 to 1975) or the Nixon administration's economic policies.
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10 December 1975 Status: Repealed The Anti-Inflation Act ( French : Loi anti-inflation ) was an Act of the Parliament of Canada , introduced by Prime Minister Pierre Trudeau 's government and passed in 1975, which aimed to slow down the rapidly increasing price and wage inflation .