The Nation: The Worse Things Get, the Better

In the heady days of gunboat diplomacy and banana republics, U.S. companies like United Fruit and Jersey Standard often intervened in the internal politics of South American countries. Sometimes, to help promote their foreign interests, the companies could count on the diplomatic and military leverage of the U.S. Government. Those days are long past. But executives of the International Telephone and Telegraph Corp., the largest U.S. conglomerate, apparently yearn to carry on in the not-so-grand old tradition. The testimony in two weeks of hearings by the Senate Subcommittee on Multinational Corporations, which showed...

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