The People's Way: Returning to a Free Economy

Bettmann / CORBIS

President Harry S. Truman visits New York

As its people had clearly willed that it should, the U.S. this week returned to a free economy.

The election had been quiet and unemotional, but there was no mistaking the fact that the majority of Americans had cast a protest vote. It was a cold but nonetheless angry voice raised against many things: price muddles, shortages, black markets, strikes, Government bungling and confusion, too much Government in too many things. The majority of the people were fed up with all that.

Four days after the election, President Truman threw in the sponge in his administration's long-lost battle to hang on...

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