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Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since the Korean War.
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 ...
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 ...
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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.
Wage controls have been tried in many countries to reduce inflation, seldom with success.Since inflation can be caused by both aggregate supply or demand, wage controls can fail as a result of supply shocks or excessive stimulus during times of high sovereign debt (increases to the Monetary Aggregate System M2).
Utilizing the wage and price control model developed in World War II, the Truman administration created two sub-agencies within ESA. The Office of Price Stabilization (OPS) was given the power to regulate prices, while the Wage Stabilization Board (WSB) oversaw the creation of wage stabilization rules. The division of labor was specifically ...
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