INVESTMENT: Reappraisal in Asia

For more than two decades American investment in the Far East has benefited from a strong U.S. military presence. Confident that their invested dollars were reasonably secure, American corporations have poured in excess of $1 billion since 1964 into new electronic, car assembly and other manufacturing and distributing facilities all along the Pacific rim of Asia. The outlay contributed to rapid economic growth rates—more than 10% in South Korea, Taiwan and the Philippines in 1973—and also to soaring overseas profits for both the multinational companies that pumped in the money and...

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