France: Chilly Welcome

Europe looks upon the scores of U.S. companies that are setting up shop in its Common Market as a decidedly mixed blessing. Europeans welcome the influx of investment dollars, but they dislike what comes with it: companies with resources powerful enough to give rough competition to European industries, profits that ultimately flow back to the U.S., policy control from abroad. If a recession set in, most Europeans are all too aware, the big U.S. firms would be able to outlast the smaller local industries. De Gaulle's France, which is wearing its chip on the shoulder with a defiant...

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