Campaigning in last year's national election, Canada's Liberal Prime Minister Pierre Trudeau scorned his Conservative opponents for advocating "rigid and cumbersome" wage and price controls to slow inflation. Last week, in a Nixon-like about-face, Trudeau announced that he will clamp selective controls on the Canadian economy. In a 20-minute nationwide radio and television address, he called for an 8% ceiling on wage increases and a freeze on nearly all prices—they will be permitted to rise only enough to cover increased production costs. To enforce these restraints, an 18-member review board will be created; it will monitor 1,500...
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