Word: free-market
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Early in the wage-price freeze, labor leaders and some Democrats urged President Nixon to slap controls on interest rates too The Administration refused, contending that free-market rates were poised for a drop that controls might actually prevent. As Phase II begins, with loan charges still uncontrolled, that judgment seems vindicated. Interest rates have declined substantially over a broad front, making this part of Nixon's New Economic Policy an unqualified success for the moment...
...strongest arguments against the rescue was made by New York Senator James Buckley, a conservative Republican. Said he: "If the inefficient or mismanaged firm is insulated from the free-market pressures that other business firms must face, the result will be that scarce economic and human resources will be squandered on enterprises whose activities do not meet the standards imposed by the marketplace...
...apply political pressure. In addition to Trezise's remarks, U.S. officials last week inspired newspaper stories that the Administration is considering imposing a special tariff on all Japanese products in order to offset the undervaluation of the yen (which some high officials calculate is 20% below its prospective free-market value) or stopping Export-Import Bank financing of exports to Japan. That move could cut shipments of some U.S. raw materials, such as coal and lumber, that the Japanese badly need...
...first change requires free-market pricing-a principle of capitalist economics that the exchange, which regards itself as the citadel of U.S. capitalism, had been reluctant to accept. The Big Board had insisted that member brokers abide by a fixed minimum commission schedule. Last week it bowed to an order from the Securities and Exchange Commission and abolished fixed commissions on the portion of any trade in excess of $500,000. Such trades account for about 5% of N.Y.S.E. members' commissions but are clustered among the major houses, including Salomon Bros., Oppenheimer and Goldman, Sachs...
...C.E.D. statement outlines the sort of approach that President Nixon has felt is an interference with free-market principles. But the Administration's policy is now in a state of flux. Nixon advisers are disconcerted by the amount of unemployment that their policies have helped to cause, and are debating in their budget-drafting sessions how far they dare move toward restimulating the economy without stirring still more inflation. The President has been moving grudgingly toward an incomes policy. In June, he set up a committee to study how productivity could be increased, and commissioned periodic "inflation alerts" documenting...