Word: trudeau
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Dates: during 1970-1979
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When he took over as chairman of the government-owned Air Canada in 1968, Yves Pratte was a highly respected lawyer in Quebec and a close friend of Prime Minister Pierre Trudeau. Last week Pratte was a fallen man, his reputation tainted by scandal and charges of ineptitude. In a bitter letter of resignation, he left no doubt that even Trudeau wanted...
...before the growing economic interdependence of all industrial nations. But that interdependence has not been matched by any close coordination of economic policy. The major countries continue to follow individual courses-and sometimes to shift policy abruptly. Canada last month imposed selective wage-price controls that Prime Minister Pierre Trudeau had vehemently denounced during the 1974 election campaign. Harold Wilson last week announced a new British economic program under which, for the next five years, government aid to industries judged likely to grow most rapidly will take precedence over social and welfare spending. Taken at face value, that would reverse...
Confronted by these myriad economic woes, Trudeau last week felt he had little choice but to opt for controls. Scarcely a month ago, popular Finance Minister John Turner focused public attention on the issue when he gave up trying to win support for voluntary wage-price restraints and quit the Liberal Cabinet. His replacement, former Energy Minister Donald Macdonald, was promptly handed two choices by ministry staffers: an outright 90-day freeze on all wages and prices, plus other rigid measures-the policy advocated by the Conservatives-or a program of selective controls combined with cutbacks in federal spending. Macdonald...
...Trudeau's sudden turnaround is a clear admission that the milder medicine he championed during the 1974 election campaign has failed. Although the government has urged business and labor to hold down price and wage hikes voluntarily, inflation in 1975 has run at a discouraging compound annual rate of 12.7%, and government economists have predicted that it could reach 16% by year's end. Wage increases have averaged almost 19% yearly-twice the U.S. rate-even though more than 7% of the work force is unemployed. Moreover, Canada has been plagued by more work stoppages than any major...
...Trudeau-Macdonald plan is aimed at cutting inflation to 4% in three years, but it plainly faces formidable obstacles. It covers less than 50% of Canada's work force, exempts key industries such as agriculture and fishing, and is opposed by the powerful Canadian Labor Congress. Moreover, it permits wage boosts up to 12% for workers who have been unable to catch up with past increases in the cost of living. To be effective, it will clearly need strong support from the frequently independent-minded governments of the nation's ten provinces. In addition, it is markedly different...