Business & Finance: Freedom Road

An elder statesman of U.S. finance this week warned against straitjacketing the nation's rearmament economy with price & wage controls. In an all-out war, said Russell C. Leffingwell, who at 72 had just stepped down from the chairmanship of J. P. Morgan & Co. Inc., such controls are necessary. But in the twilight period of half-war, half-peace that lies ahead, they would stifle the economy. The basic problem, wrote Leffingwell in Barren's, is to stimulate production, discourage nonessential civilian consumption. Price-fixing, he insisted, would do neither.

"Price-fixing," he said, ". . . discourages...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!