The Embattled Colossus: Economic Nationalism and United States Investors in Latin America

The Embattled Colossus: Economic Nationalism and United States Investors in Latin America

The Embattled Colossus: Economic Nationalism and United States Investors in Latin America

The Embattled Colossus: Economic Nationalism and United States Investors in Latin America

Excerpt

A new wave of economic nationalism is growing throughout Latin America. As a result, policy makers and corporate executives in the United States have been forced to grapple with the expropriation of American properties in Peru and Bolivia, the "nationalization by agreement" of Anaconda in Chile and subsequent nationalization of U.S. interests by Socialist President Salvador Allende, and recent restrictions in other hemispheric capitals and the Andean Common Market. But why are these events in Latin America important to the U.S. government?

U.S. policies toward Latin America have been formulated to achieve a broad range of perceived national interests: strategic defense, economic prosperity, promotion of democracy, encouragement of private enterprise, and protection of American citizens. The Soviet introduction of missiles into Cuba brought the world to the brink of nuclear war and thus illustrated the importance of Latin America to the security of the United States. The American economy, buffeted by an adverse balance of payments, is strengthened by favorable trade and investment flows with Latin America. The nationalization of American properties results in financial losses for American business, and the estab-

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