wage-price control

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Setting of government guidelines to limit increases in wages and prices.

It is one of the most extreme approaches to incomes policy. By controlling wages and prices, governments hope to control inflation and prevent extremes in the business cycle. Countries with highly centralized methods of setting wages tend to have the greatest degree of public or collective regulation of wage and price levels. For example, wage settlements in The Netherlands must be approved by the government, and price increases are investigated by the Ministry of Economic Affairs. Other countries, including the U.S., have also made efforts at restraining wage and price increases, usually seeking the voluntary cooperation of management and labour. In the U.S., wage-price controls were instituted by Pres. Franklin D. Roosevelt during World War II and by Pres. Richard M. Nixon in the early 1970s, when high inflation combined with rising unemployment to create instability.

More on "wage-price control" from Britannica Concise:

price - Amount of money that has to be paid to acquire a given good, service, or resource.

incomes policy - Collective governmental effort to control the incomes of labour and capital, usually by limiting increases in wages and prices.

inflation - In economics, increases in the level of prices.

Nixon, Richard M(ilhous) - 37th president of the U.S. (1969-74).

More on "wage-price control" from the 32 Volume Encyclopædia Britannica:

wage-price control: - setting of government guidelines for limiting increases in wages and prices. It is a principal tool in incomes policy (q.v.).

price system - Sometimes prices are not permitted to do their work. Monopolies are able to exert control over prices, and they use it, sensibly enough, to raise their profits above the level allowed by competition. The monopolist (or group of colluding enterprises) sets prices at a level such that prices are above costs or, to use words of identical significance, such that resources earn more in the monopolized ...

United States - When Chief Justice Earl Warren, who had presided over the most liberal Supreme Court in history, retired in 1969, Nixon replaced him with the conservative Warren Burger. Three other retirements enabled Nixon to appoint a total of four moderate or conservative justices. The Burger court, though it was expected to, did not reverse the policies laid down by its predecessor.

Argentina - Soon after his inauguration in December 1983, Alfonsin reversed legislation passed under Bignone by announcing plans to prosecute several members of the defunct military government, including former presidents Videla, Viola, and Galtieri. He also repealed a law granting amnesty to those accused of crimes and human rights violations during the Dirty War, and hundreds of military personnel were ...

income tax - Attention has already been called to several types of variations found in the income tax practices of different countries, mainly those relating to the determination of taxable income. Something should now be said about variations in rate structures. The important variants in these structures are (1) the starting point and levels of first-bracket rates, (2) the top bracket or maximum marginal ...

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