Americans are the world's greatest travelers, and the nation's money and know-how are even more peripatetic than its citizens. Bolstered by continued prosperity at home, more U.S. firms than ever are setting up shop abroad, building new plants, expanding old ones and buying into foreign companies. Last week the Commerce Department announced that private U.S. investment abroad—investments in plant and equipment, bank credits, stocks and bonds —rose by $6.3 billion in 1963 to a record $66.4 billion. Already this year, the foreign investment stake of U.S. industry has risen beyond $68 billion, and...
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