Business & Finance: A Tale of Three Countries

We must disabuse ourselves of the idea . . , that our supreme objective is to freeze prices. Our objective should be to see to it that the necessities of life are fairly rationed, so that the sacrifices which must be made are spread equally. The idea of frozen prices is a mirage.

Thus did Walter Lippmann last week set in a broader perspective the first price-control law in U.S. history. His conclusion was one that England had learned the hard way, that Canada fast was learning: the only sure way to control prices is to control supplies. In that perspective, the...

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