TRANSFER OF POWER OVER PRICES
The transfer of power over the determination of prices which the NRA has effected takes a number of clearly distinguishable forms. For purposes of convenient discussion these forms may be considered under the following headings: (1) minimum price determination; (2) cost protection; (3) loss leaders; (4) destructive price cutting and emergency price fixing; and (5) waiting periods in open-price systems. The various types of code provisions by which such transfer of power has been brought about and the numerical frequency of each are set forth in the table on pages 580-83.
The most extreme form of transfer of power over the determination of prices which has been brought about by the NRA is found in those cases in which it has authorized something approximating a complete license to fix minimum prices.1 Such grants of power are made where an industrial group, through the code authority, is given the power to determine prices at which individual members of the group shall sell, without there being established any criteria of guidance or with criteria so vague that they are ineffective.
Examples of such grants of power are found in provisions which authorize the code authority to initiate price____________________