Business: Tightened Down

The huge spending, both public and private, brought loud warnings from the Administration of runaway inflation. To fight what turned out to be a phantom, the Administration tightened control of credit and concentrated on a system of direct controls of prices and wages. It failed to realize that such curbs, unavoidable in an all-out war, were hardly needed in the cold-war economy of 1952. In any case, the Administration's controls were a mockery; price and wage bosses went in & out of office so fast that most civilians hardly knew—or cared—who was in charge. The tremendous flood of industrial production,...