CORPORATIONS: The Bosses Cut Back

Technically, the 1970 recession ended more than a year ago—but try to tell that to the battle-scarred bosses of many corporations. They are continuing or even tightening the draconian controls on spending that they started during the downswing. And their austerity campaign is cutting a wide swath —from hiring practices to such two-bit matters as engineers' putting tuxedo rentals for professional dinners on their expense accounts. In what could be a permanent, important change in U.S. business, more and more managers have adopted a show-me attitude. They are asking: "Is this expense...

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