Industry: The Long-Term View From the 29th Floor

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Charles de Gaulle imperiously describes it as "a lien weighing heavily on our national patrimony." Britain's Prime Minister Harold Wilson calls it "industrial helotry." West Germany's Finance Minister Franz Josef Strauss uses the word Ausverkauf—meaning sellout. The U.S. Government has frowned on it as a plague on the balance of payments. No matter what it is called, the fact remains that one of the most significant developments of the post-World War II world is the great leap by U.S. corporations into overseas markets—whether by direct investment in plant and equipment...

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