FOREIGN TRADE: Exploiters & Victims

At a United Nations Economic and Social Council meeting in Manhattan last week, Soviet Representative Semyon K. Tsarapkin recited an old Communist charge: private U.S. investment abroad brings huge profits to the capitalist "exploiters" and retards the economic development of the foreign victims. Next day U.S. Representative Preston Hotchkis, a California insurance executive, answered Tsarapkin with a few facts and figures.

Tsarapkin had cited Latin America as a horrible example of how U.S. capitalists keep foreign nations from industrializing and force them to concentrate on production of raw materials for U.S. industry. Hotchkis answered that of the $441 million...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!