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President Nixon's implementation of wage-price controls in 1971 aimed to combat inflation and stabilize the economy during a period of rising prices and economic uncertainty. This use of executive power was significant as it marked a direct intervention in the market, reflecting a shift in economic policy towards more government regulation. While intended to curb inflation, the controls led to mixed results, including shortages and increased public discontent. Ultimately, it highlighted the challenges of managing a complex economy through executive measures.

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2d ago

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