IRAN: A Bet on the Future

Ever since tear-spouting Premier Mohammed Mossadegh brought his country close to economic ruin in 1951 by nationalizing its oil industry,* Iran has been trying to import as much foreign money and knowledge as possible. Thanks to the Western-minded Shah, Iranian law now offers solid safeguards to foreign investors. The question, after what happened in neighboring Iraq, is whether the politically discontent will wait for long-range economic benefits. Wall Street is making an impressive bet on Iran's peaceful future.

Last January Lazard Freres & Co. and Chase International Investment Corp. sent a mission to Iran to set up a financial center...

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