1973 OUTLOOK - WAR & PEACE - A Wonder Year

Sep 29, 2026

1973 Outlook: War & Peace discusses how unemployment and wholesale prices shape the central economic challenge of preventing accelerating price growth as the economy heats up. It frames 1973 as a year of major policy decisions in budgeting, controls, taxes, national health programs, and international trade. It also outlines diplomatic and geopolitical expectations for Britain, Europe, and global relations, emphasizing the need for painful adjustment, managing inflation, and highlighting both problems and achievements in domestic reforms.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages7

Reading Time18 min

AccessFree to download

1973 OUTLOOK:WAR &PEACE

Problems—Achievements

Technological Strides

FRIDAY,JAN.12TH,12 MOON G0LD BALLRO0M,SHERATON-PALACE HOTEL DON R.CONLAN First Vice President &Chief Economist,Dean Witter &Co.,Incorporated # "1973 OUTLOOK:WAR &PEACE" Unemployment and wholesale prices highlight the main economic problem for 1973:how to keep prices from accelerating when the economy heats up.In 1973,Congresswill struggle with major decisions in such critical areas as long-range budget policy,Phase Ill controls,taxes,national health programs,international trade and other pro-grams that will have a major impact on business.A year of decision—are there any darkclouds—what are the warning signs? DAVID J.MeDANIEL Quarterly Chairman Tickers $4.50 at door REGENCY RO0M,SHERATOW-PALACE HOTE THURSDAY,JAN.18TH,12 MOOW REGULAR REPORT MEETING—"ARE THE COURTS HANDCUFFING THE POLICE? will be presented by the Section on Law Enforcement M.LESTER O'SHEA,Chairman Speakers Pro:ROBERT R.GRANUCCI Deputy Atforney General,State of California Con:JEROME B.FALK,JR.Attorney,Howard,Prim,Rice,Nemerovski,Canady and Pollak (Call Club Offce for Reservafions—362-4903) JANUARY 19TH:B.R.STOKES,General Manager,BART # FRIDAY FLASHES—DEC.29THFrom Addres by THE HONORABLE JAMES MURRAYConsul General of Great Britain "NEXT MONDAY my country will become a member of the European Commu-nity,the most momentous event in ourrecent history.This alone would meanthat 1973 must be a year of change andchallenge for Britain and for Europe. Nineteen seventy-three will see otherdevelopments of parallel importance andinterest;the United States and the SovietUnion,their relations transformed by therecent initiatives of your Government,will be testing the measure of their agree-ment and disagreement over the wholefield of international affairs. China is emerging on the world stage,and if not exactly a beneficial force,is nolonger seen as a threatening shadow. # A Wonder Year Two Germanys will enter the councilsof the world at the U.N.We shall surelysee an end to hostilities in Vietnam,al-though not to the problem of Indo-China. Indeed,the Head of the British ForeignOfice referred to 1978 as likely to be awonder-year for diplomacy.And he had inmind not merely the continuing negotia-tions as we ourselves settle into the Com-munity,but the European Security Con-ference at Helsinki;the negotiations onmutual and balanced force reductions inEurope;the second round of your SALTtalks with the Russians;the new round on opy negotiations about international trade;the efforts to devise a new internationalmonetary system;and the conference onthe law of the sea.A heavy calendar. In all these dealings my country willhave some part to play. The process of adjustment may be pain-ful.We already have had to put up withsome traumatie changes since the end ofWorld War II when we were one of thethree superpowers who thought that theywere drawing up the blueprint for the restof the twentieth century.Today we havea much keener recognition of the impor-tance of adapting our policies to our resources. Inflation is a serious problem for us.You have heard about our set-backs,suchas the Rolls-Royce affair,as we strive toadopt our economy to earning our livingin a savagely competitive world.You areas heartsick as we are at the tribulationsimposed by a handful of terrorists andfanatics on the long-suffering people ofNorthern Ireland. The world may not have noticed thatgood news is also coming out of Britain. ## Problems—Achievements When Mr.Heath's Government came topower in June 1970,they had firm viewsabout what must be done to transform theBritish economy for entry into the Euro-pean Community.The new Industrial Re-lations Act has,after long and heated de-bate,passed into law. (Concinued en sest pge | OFFICERS OF THE CLUB
TheCommonwealth
Bruce T.MItchell_____ ____Presldent
Vernon L Goodin_——__Vice President
Publlahed every Monday by the
Durward S.RlggsExecutve Secretary
Michael J.Braasingto

FAQs

What economic problem is highlighted as the main challenge for 1973?

The document focuses on keeping prices from accelerating when the economy heats up, with unemployment and wholesale prices serving as key indicators.

Which major decision areas does it say Congress will face in 1973?

It cites long-range budget policy, phase controls, taxes, national health programs, and international trade as critical areas with major business impact.

How does the text describe Britain’s broader situation going into the year?

It emphasizes that economic adjustment may be painful, inflation is serious, and domestic reforms—such as industrial relations and taxation changes—are underway while Britain also participates in major international diplomacy and security efforts.

Sep 29, 2026

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