[FOR FOR PRESIDENT This is from the current…]

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FOR FOR PRESIDENT This is from the current front page of the Communist Party/ Connolly Association monthly, the 'Irish Democrat'. Treasury securities, but OPEC direct investments in the US total ony about $3.6 billion.

Direct investments have been specially studied, however, because they represent the development of multinational companies — a higher form of internationalisation of capital than purely financial transactions.

Direct investment has become a much bigger part of international capital flows since World War 2, Overall, direct investment flows are dominated by very tew countries.

In 1977-9, the US alone accounted for 50% of the world total export of direct investment, the UK 13%, and West Germany 10%. Add in three other countries Japan, Netherlands, France - and 89% of the total flow is accoun ted for. growing - trend.

Third World multinationals only began to emerge in the mid-'70s. My figures are almost all taken from a UN report published last year. Because of the delays in compiling such statistics, their coverage mostly goes up only to 1977 or 1978. And then there is the general unreliability of most economic statisties (figures fur direct investment stocks, as distinct from flows, are especially tricky). But they give some idea.

The two biggest investing countries, by far, were Kuwait and Brazil. Kuwaiti capitalists have invested in the Middle hast, the Us. Western Europe and also Pakistan and! Morocco. Brail's investments are mostly within Latin America.

India is missing from the UN report's summary table, but has the world scale. In some Latin American countries up to 15% of the total inflow of foreign direct investment, by 1978, was from Third World origins. 32% of the foreign direct investment stock in Sri Lanka was from India; 22% in Malaysia, from Singapore; about 20% of the total in Indonesia and Thailand, from other Third World states.

What does all this mean? Nut that any of the Third World states are becoming rivals to the big capitalist world powers, But that the Third World can less and less be seen as a homogenpous whole. There is a hierarchy of unequal development and domination within the Third Workl, too. Social Plan' , advocating incomes policy and cooperation with the employers.

Whether he likes it or not, Todd is the candidate of the leit.

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Why the rich live no.167 ¡Health Fightb