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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. The Economic Stabilization Agency was an agency of the United States Government that existed from 1950 to 1953. The creation of the ESA was authorized by the Defense Production Act, which was signed into law by President of the United States Harry S. Truman on September 8, 1950. The Defense Production Act was passed in response to the start of the Korean War and authorized the President to control the civilian economy so that scarce and/or critical materials necessary to the national defense effort are available for defense needs. On September 9, 1950, President Truman signed the Executive Order 10161, thus creating the ESA. The ESA was responsible for imposing price ceilings and wage controls on the United States economy.