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This paper analyzes the relative roles of wage policy and economic conditions in wage determi-nation for production workers between 1960 and 1976 in five manufacturing industries in São Paulo, Brazil. Analysis of three sub-periods considers the direction of the influence of wage policy on real wages, the observed changes in real wages, and “wage drift” relative to a predicted wage index based on wage policy. Results indicate that the impact of the repressive wage policies during the 1965-67 and 1973 “wage-squeeze” periods varied by size of firm and ownership and with gene-ral economic conditions.