ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Fertilisers-Unused Levers

on prices accompanied by a freeze on wages. Phase One was succeeded by Phase Two, winch saw the blanket ban on prices and wages being supplanted by a regulated system of adjustments. A few months ago, basking in the glory of his smashing re-election triumph. President Nixon felt that the time had arrived for the unveiling of Phase- Three, which was more or less synonymous with a return to unfettered market adjustments. Thus attempted homage to nostalgia has not worked; the annual ratio of increase in prices in recent weeks in the wake of the relaxation of controls surpassed even the rate that prevailed in the late 1940s. The American administration has therefore been forced into ordering the current Phase Four, invoked by a procedure of stop-go which was the stock-in-trade of several West European countries in the 1960s during their battle against inflation.

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