BUYING: Corporate Caution

One of the Administration's prime hopes was that a surge of consumer buying would ignite spending by businessmen and lead to prosperity in 1972. Yet, while shoppers have been spending fairly well for months, businessmen continue to keep a tight grip on their money. Since sustained economic growth is all but impossible without a burst of corporate spending for inventories, modernization and plant expansion, the timid attitude is impeding a stronger, faster recovery. Why are businessmen not spending more—and when will they open up?

Caution, confusion and cynicism are perfectly natural from the businessmen's viewpoint. They have too often been disappointed...

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