Word: vernon
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...Vernon continued. "Three of us went there this summer to try to help Indonesia make foreign investments an asset instead of a liability. We found that Indonesia had been underestimating its capacity for investments. We recommended first a primer on how to judge strength for investments, and second, that they be less forthcoming with tax-exemptions to foreign investors. We find, however, that it is not a zero-sum game, if Ican use the jargon of the trade...
While it appears from Vernon's statement that the DAS is hurting foreign investment and helping the native countries, the reality, I think, is quite different. Increasing a government's revenue in an underdeveloped country also increases its stability. That in turn makes investment safer for a longer term. Taxing foreign investors creates support at home, and provides the illusion of helping the country...
...think that I could demonstrate, however, that American investment has results inimical to the people of underdeveloped countries. Vernon said...
WHEN ASKED about DAS participation in reactionary governments, Vernon responded proudly that the DAS left after the military coup in Greece. The story runs that the DAS had been working with Papandreau, and after the junta's coup, the DAS was forced to leave, Even then, however, they remained for a year, and left only after considerable argument inside the Center. It seems there was a lot of the "keep the flag there" philosophy...
Next is the book by Gordon and Grommers, entitled United States Manufacturing Investment in Brazil: The Impact of Brazilian Government Policies 1946-60. The summary in the Center's Fifth Report that Vernon had called inaccurate is, in fact taken verbatim from the concluding chapter of that book...