Investment: Where the Money Goes

In the nationalist point of view, foreign investors exploit local resources while stuffing huge profits in faraway pockets. It was no surprise then, when Guillermo Herrera Carrizosa, head of the Colombian government's Development Corp., early this year complained about companies taking more out of the country than they put in. He said that foreign businessmen operating in Colombia bring "little more than technique and a name," charged that instead of increasing the needed inflow of dollars, they develop their profitable enterprises by borrowing from local financial institutions.

Since the U.S. accounts for...

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