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[NOTE: Abu Rizvi provided the most complete citation for the quote, and I 
posted his message with that information separately. My thanks to the 
others who knew the quote's source: Brian Eggleston, Peter Rodenburg, 
Torsten Schmidt, and Dan Bromley. Torsten also pointed out that the 
quotation provided in the original query is not an exact quote. Prabhu may 
want to check it before using it. Finally, I posted Abu's message without 
removing his inclusion of the original message or cleaning up the subject 
line. My apologies -- I can only blame it on all my marking! -- RBE] 
 
 
Sounds like his ‘Social Responsibility of Business’ essay published in the 
New York Times Magazine on September 13th, 1970 (I can't find my copy).  He 
had formulated the ideas earlier.  Indeed, in January 1970, in his first 
press conference as President, Nixon indicated that he would “continue to 
avoid the use of presidential persuasion to convince business and labor to 
hold prices and wages down”.  He stated that the “primary responsibility 
for controlling inflation rests with the national administration and its 
handling of fiscal and monetary affairs”.  The business community had to be 
guided by “the interests of the organisation that they represent” and 
should not be controlled by guidelines and exhortation (The Washington Post 
31 January 1970).  Shortly afterwards, (April 27, 1970), in a meeting with 
Nixon in the Oval Office, Friedman and Pierre Rinfret (according to one 
source) "nearly came to blows" over the issue. 
 
Robert Leeson 
 
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