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Lobbying AmericaThe Politics of Business from Nixon to NAFTA$
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Benjamin C. Waterhouse

Print publication date: 2013

Print ISBN-13: 9780691149165

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691149165.001.0001

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Business, Labor, and the Politics of Inflation

Business, Labor, and the Politics of Inflation

Chapter:
(p.106) Chapter 4 Business, Labor, and the Politics of Inflation
Source:
Lobbying America
Author(s):

Benjamin C. Waterhouse

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691149165.003.0005

This chapter traces the complex politics of inflation from the onset of wage-price controls in 1971 through the peak of America's inflationary experience during the Carter administration. During those years, the country's major business associations successfully mobilized a powerful lobbying operation by negotiating the new political terrain that inflation created. From the frustrating nadir, typified by the public spat between treasury secretary John Connally and Vice President Arch Booth, organized business leaders rebounded mightily, successfully engaging in both ideological debates and interest group politics to bolster their institutional unity and achieve clear policy victories. Historically, battles over price instability emerged along the class lines created by an industrial political economy—they pitted the interests of workers against those of employers, or labor against capital.

Keywords:   inflation, wage-price controls, Carter administration, lobbying operation, John Connally, Arch Booth, business leaders, price instability

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