To the rash of price rises last week (see NATIONAL AFFAIRS) many a businessman had a pat answer: "We're not raising prices just because of the Korean war. The boom was on before that." And commodity prices which had slumped last winter had started up again before Korea because of the heavy new buying from industry.
In the second quarter, said the Department of Commerce last week, the gross national product (goods and services produced in the U.S.) was running at a record peacetime rate of $270 billion a year, 2.8% over the first quarter's rate. In July, the Federal Reserve...
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