Word: africa
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Dates: during 1970-1979
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...Investment in South Africa is investment in apartheid, and this is immoral, unjust and exploitative...
...argument that economic growth can produce fundamental change has proven false. Many black organizations have opposed foreign investment in South Africa, and this would be the opinion of the majority in South African blacks if their voices could be heard...
...primary recurring expense involves so-called "opportunity costs." This is the potential lower profit which comes from avoiding stocks of companies which operate in South Africa. Of course, this cost is highly speculative--Stanford did not even venture to estimate it. Harvard's estimates of $1.8-6.8 million annually for recurring costs are based on a Princeton study of the stock market in the years 1953-1968. This study demonstrated the overall greater profitability of investment in the large multinational corporations, which comprise the bulk of U.S. business interests. However, in the ten years since 1968 the multinationals have...
...fundamental flaw underlying the Corporation's analysis is its failure to recognize that multinational corporate activity in South Africa provides the economic base and technology upon which the apartheid system depends. American firms in particular dominate the automobile, energy and computer industries, providing a substantial share of the military and police vehicles, refined petroleum, and data processing equipment essential to the efficient administration of apartheid. Furthermore, it has been estimated that American companies pay three times as much in taxes to the South African government as they do total wages to their African employees...
...perhaps difficult for many Americans to understand that corporations in South Africa have not been, and will not be, a force for fundamental change. First, it must not be overlooked that multinational corporations locate in South Africa in large part because of the opportunity to earn a rate of return far in excess of that available in their home countries. These extra profits are in turn made possible by the existence of a large, non-union, underpayed non-white labor force deprived of elemental civic, political and legal rights and protections...