When the Nixon administration imposed wage and price controls, I was a correspondent in Chicago for Business Week magazine.

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The rate of inflation as represented by the CPI slowed in 1972 to 3.2% from 4.3% in part because of wage and price controls, and then rose 5.6% in 1973.

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Among the proposals he wrote about most frequently were: severing the link to gold and letting the dollar float, fighting inflation by reducing the growth of the money supply, ending the draft, abolishing wage and price controls, and cutting taxes.

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Against the wishes of the Allied occupiers, he overnight threw out the German system of rationing and wage-and-price controls.

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Wartime wage-and-price controls were swept away, as was the rationing of food, gasoline and other items.

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Despite espousing free-market principles, Nixon actually went on to impose wage-and-price controls as well as protectionist measures on foreign trade.

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When the government recognizes that all its efforts to control inflation are too tepid and thus futile, it will eventually institute price and wage controls.

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On the government side, unions were powerful, price and wage controls were a reality, and tax rates were high.

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The government supercharged growth, stimulating demand with wage increases, price controls, an undervalued peso and public works.

ECONOMIST: Argentina