The management of U.S. industry was filled with the comforting thought that it had done its duty. By granting pay raises which labor unions felt they could accept, management had shown a degree of economic statesmanship. But had it shown enough?
The wage raises, which had brought peace to heavy industry, would help keep up the purchasing power of many union members. To that extent, the boosts would lessen the effects of high prices and the dangers of a slump. But the benefiting unionists were only a small minority of consumers. The No. i problem for the U.S. was still...
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