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...
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