SULPHUR AND THE U.S. GOVERNMENT: PRICE FIGHTING IN THE 1960s

The interaction between the domestic sulphur industry and the executive branch of the U.S. Government during the Johnson administration suggests that this important extractive industry was sensitive to governmental “moral suasion.” A narrative is provided of the relationship between the industry and...

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Bibliographic Details
Published in:Economic inquiry 1978-07, Vol.16 (3), p.360-384
Main Authors: COCHRANE, JAMES L., GRIEPENTROG, GARY L.
Format: Article
Language:English
Subjects:
Prices
Sulfur industry
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Summary:The interaction between the domestic sulphur industry and the executive branch of the U.S. Government during the Johnson administration suggests that this important extractive industry was sensitive to governmental “moral suasion.” A narrative is provided of the relationship between the industry and the administration's economists, lawyers and departmental politicians. This narrative is followed by an appropriate least squares price model. It is shown that the administration was successful in its efforts to suppress sulphur prices during 1965‐66, that is, during the early stages of the commitment of U.S. forces to combat in Southeast Asia.
ISSN:0095-2583
1465-7295
DOI:10.1111/j.1465-7295.1978.tb00508.x