VANCOUVER, British Columbia--John Kenneth Galbraith, Warburg Professor of Economics Emeritus, said yesterday raising bank interest rates to control inflation are "one of the major economic mistakes of our time."
The Chase Manhattan Bank in New York, the third largest bank in the country, earlier this week raised its prime interest rate to a record high 13 per cent.
Galbraith, who was in the Northwest to address a Washington State Bar Association convention, said higher borrowing costs do not affect the major causes of inflation--large corporations and unions.
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