PHASE III: Some Freedom for Good Behavior

WITH his infinite capacity for surprise, President Nixon last week unfurled Phase III—a new anti-inflation program that goes much further than almost anyone had expected toward giving more economic freedom to managers and workers. Though the change was dramatic, the announcement was carefully low-key. Instead of the presidential TV address that started the wage-price freeze 17 months ago or the flurry of last-minute directives and guidelines that launched Phase II, there was only an executive order, a message to Congress and some press briefings. The shunning of theatrics was appropriate: it...

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