Word: cuaderno
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Dates: during 1957-1957
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Misconceptions & Misunderstandings. "The existence of the so-called anti-capitalist attitude," said Miguel Cuaderno, governor of the Central Bank of the Philippines, "may be attributed to misconceptions, or to the lack of understanding of the conditions, motives and aspirations of the people in the newly developing countries of the world. Considering the magnitude of the capital needed by underdeveloped areas, it is surprising that some of these less-developed countries appear to be reluctant or even opposed to foreign investment. This attitude has given rise to the belief that these countries are anti-capitalist...
...Cuaderno himself is firmly convinced that free enterprise would bring backward countries more benefits than state-controlled economic systems. "Why, then, it may be asked, should the freedom-loving people of some underdeveloped countries entertain any misgivings about the capitalist or free-enterprise system?" The chief reason, said Cuaderno, is that they remember the years of foreign domination under the colonial system. Actually, said Cuaderno, the underdeveloped countries are not anti-capitalist at all; they are just nationalistic−and understandably so. They want to be the bosses of their own industries. They prefer loans from foreign governments to foreign...
National Pride. Banker Cuaderno was heartily seconded by Minocher Masani, an Independent member of the Indian Parliament, longtime adviser to the famed Tata Sons, Ltd. and one of India's best-known and most widely respected capitalists. "National pride," said Masani, "demands that one should catch up, if not with the prosperity of the U.S. or Canada, at least with that of France or Italy. The Asian intellectual casts his eyes around for some method by which his country can pull itself up almost overnight by its bootstraps. Only too often, Communism is not to him the brave...
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