The Economy: Governing by Guideline

Government control of business can be mentioned only in whispers in Washington, and the slightest hint that the Administration might be considering such a policy has drawn pained denials. One of the President's top advisers last week dismissed as "silly" the idea that the aluminum-price rollback amounted to control. "Nobody," added White House Aide Joe Califano, "wants controls." Nonetheless, the Federal Government's influence over U.S. business is growing steadily more pervasive and persistent—and effective control of prices, by whatever name it is called, is part of that influence. Last week, as if to prove the point, the copper...