Business: A Long Way from Waterloo

Despite a minor victory, the inflation war has just begun

It was a famous victory, the Carter Administration claimed last week. In point of fact, however, the price-setting action taken by Bethlehem Steel Corp., while encouraging, fell a good deal short of winning the Battle of Waterloo against inflation. Indeed, the very fact that the Administration singled out the incident for so much praise showed how long and difficult the campaign against inflation will be before the tide is turned.

After nearly a month of Administration prodding and pleading, Bethlehem, the nation's second largest...

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