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This paper presents evidence showing that the apparent success of Phase II price controls is not borne out when price trends are examined on an industry-by-industry basis. It shows that in many industries there was no apparent relationship between price increases granted by the Price Commission and price trends in the Wholesale Price Index. The paper also shows that in industries like lumber, which had sharp price rises during Phase II, the Price Commission decisions do not appear to have restrained the price increases. Since Phase II was the most extensive American control program in peacetime, the authors conclude that in most industries peacetime price controls are ineffective. 16 pp. (Author)

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