Word: investers
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Last February the Reagan Administration proposed a three-pronged effort to bolster the Caribbean economies and prevent them from being drawn into the Communist orbit. The plan would allow most exports from the region to enter the U.S. duty-free, give a tax credit to encourage American companies to invest in the Caribbean, and grant an additional $350 million in direct economic assistance this year...
Instead of stepping up investments, though, many U.S. corporations, out of fear of terrorism and revolution, are actually scaling back their activities in the area. Said Richard Feinberg, a visiting fellow at the Overseas Development Council: "Businessmen looking at the turmoil there are certainly more inclined to withdraw funds than to invest more money, regardless of the apparent incentives." Added Joseph Grunwald, a senior fellow at the Brookings Institution: "I don't see U.S. business rushing down there. The profit prospects are simply not very encouraging...
Since 1972. Harvard's ethical consideration of its investments has largely been continued to voting shareholder resolutions. Many however have wanted the University to take a more active role in offering resolutions as well as voting on those that come in the mail. People have called for divestiture from companies with what they consider immoral business practices. Despite such appeals, however, the University does not initiate shareholder resolutions, nor does it follows any policy of divestment in a certain area, except for its celebrated 1978 decision not to invest in banks that make loans directly to the South African government...
Both Putnam and Walter M. Cabot, president of the Harvard Management Company which is responsible for the day to day handling of the University's investments, have said that they consider themselves ethical investors. For instance, they have said that they don't invest in companies which ignore environmental concerns. Such companies may be acceptable short term investments but eventually, Putnam and Cabot point out, such firms will have to pay for their excesses and are thus bad investments...
Nonetheless, certain issues have caused conflict between the two bodies--like South Africa, or, this year's debate over whether to invest in companies which produce nuclear weapons. The nuclear arms question is a good example of the kind of logic used by the Corporation when it opposes the ACSR on a particular issue. This key to understanding the process is the word procedent...