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Main article: "National Board for Prices and Incomes

The "National Board for Prices and Incomes was created by the government of Harold Wilson in 1965 in an attempt to solve the problem of inflation in the British economy by managing wages and prices. The "Callaghan government in the United Kingdom in the 1970s sought to reduce conflict over wages and prices through a "social contract" in which unions would accept smaller wage increases, and business would constrain price increases, imitating Nixon's policy in America.[17] Price controls ended with the election of "Margaret Thatcher in 1979.

Australia[edit]

Australia implemented an incomes policy, called the "Prices and Incomes Accord during the 1980s. The Accord was an agreement between trade unions and the "Hawke "Labor government. Employers were not party to the Accord. Unions agreed to restrict wage demands, and the government pledged action to minimise inflation and price rises. The government was also to act on the social wage. At its broadest this concept included increased spending on education as well as welfare.

Inflation declined during the period of the Accord, which was renegotiated several times. However, many of the key elements of the Accord were weakened over time, as unions sought a shift from centralised wage fixation to "enterprise bargaining. The Accord ceased to play a major role after the recession of 1989–92, and was abandoned after the Labor government was defeated in 1996.

Italy[edit]

Italy imitated America's price and wage controls in 1971, but soon gave up the policy to focus on controlling the price of oil.[17]

The Netherlands and Belgium[edit]

The "polder model in the Netherlands is characterized by tri-partite cooperation between "employers' organizations such as "VNO-NCW, "labour unions such as the "FNV, and the "government. These talks are embodied in the "Social Economic Council (Dutch: Sociaal-Economische Raad, SER). The SER serves as the central forum to discuss labour issues and has a long tradition of consensus, often defusing labour conflicts and avoiding strikes. Similar models are in use in "Finland, namely "Comprehensive Income Policy Agreement and "universal validity of collective labour agreements.

The current polder model is said to have begun with the Wassenaar Accords of 1982 when unions, employers and government decided on a comprehensive plan to revitalize the economy involving shorter working times and less pay on the one hand, and more employment on the other.

The polder model is widely, but not universally, regarded as successful incomes management policy.[18]

This model is also used in "Belgium, hence its name (the "polders" are a region comprising the Netherlands and the northern part of Belgium).

New Zealand[edit]

In 1982, then Prime Minister and Finance Minister "Rob Muldoon imposed a simultaneous freeze on wages, prices and interest rates in an effort to curb inflation, despite public resistance. These measures were subsequently repealed by Muldoon's successor "David Lange and Finance Minister "Roger Douglas.

Zimbabwe[edit]

In 2007, "Robert Mugabe's government imposed a price freeze in "Zimbabwe because of "hyperinflation.[19] That policy led only to shortages.

References[edit]

  1. ^ Rothbard, Murray. "Price Controls Are Back!". Making Economic Sense. Retrieved 2008-11-03. 
  2. ^ a b "The Maximum". "George Mason University. Retrieved 2008-11-03. 
  3. ^ a b c d e f g h Yergin, Daniel; Joseph Stanislaw (1997). "Nixon Tries Price Controls". Commanding Heights. Retrieved 2008-11-03. 
  4. ^ The Wages of Militancy: Incomes Policy, Hegemony and the Decline of the British Left By David Purdy, 2006
  5. ^ Irons, John (2001-06-24). "Price Controls and California Electricity". ArgMax Economics. Archived from the original on 2007-10-20. Retrieved 2008-11-06. 
  6. ^ a b White, Andrew Dickson (1912). "The French Revolution". Fiat Money: Inflation in France. Archived from the original on August 8, 2008. Retrieved 2008-11-03. 
  7. ^ Darrow, M. "Economic Terror in the City: The General Maximum in Montauban." French Historical Studies 1991, pp. 517–19
  8. ^ Darrow, M. "Economic Terror in the City: The General Maximum in Montauban." French Historical Studies 1991, pp. 523–25
  9. ^ Darrow, M. "Economic Terror in the City: The General Maximum in Montauban." French Historical Studies 1991, pp. 503–05
  10. ^ Darrow, M. "Economic Terror in the City: The General Maximum in Montauban." French Historical Studies 1991, p. 511
  11. ^ a b c "Frum, David (2000). How We Got Here: The '70s. New York, New York: Basic Books. pp. 298–99. "ISBN "0-465-04195-7. 
  12. ^ http://www.presidency.ucsb.edu/ws/index.php?pid=3868 Richard Nixon speech announcing Phase Four price controls, June 13th, 1973
  13. ^ a b "The Nixon Recovery" By Charles R. Morris – The New York Times
  14. ^ a b Friedman, Leon / Levantrosser, William F.Richard M. Nixon, Greenwood Publishing Group, 1991, p. 232 "ISBN 0-313-27653-6, "ISBN 978-0-313-27653-8
  15. ^ "Frum, David (2000). How We Got Here: The '70s. New York, New York: Basic Books. p. 292. "ISBN "0-465-04195-7. 
  16. ^ "Wage & Price Controls". The History Project. Retrieved 7 April 2011. 
  17. ^ a b "Frum, David (2000). How We Got Here: The '70s. New York, New York: Basic Books. p. 313. "ISBN "0-465-04195-7. 
  18. ^ [1]
  19. ^ "IRIN Africa | ZIMBABWE: Price controls devastating rural economy | Zimbabwe | Food Security". 

External links[edit]

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