Business Lobbying
The alliance charter included a clause encouraged by US policy makers that committed the Latin American governments to the promotion "of conditions that will encourage the flow of foreign investments" to the region.
U.S. industries lobbied Congress to amend the Foreign Assistance Act of 1961 to ensure that US aid would not be furnished to any foreign business that could compete with US business "unless the country concerned agrees to limit the export of the product to the US to 20 percent of output". In addition the industries lobbied Congress to limit all purchases of AID machinery and vehicles in the US. A 1967 study of AID showed that 90 percent of all AID commodity expenditures went to US corporations.
Read more about this topic: Alliance For Progress
Famous quotes containing the word business:
“But it is a cold, lifeless business when you go to the shops to buy something, which does not represent your life and talent, but a goldsmith’s.”
—Ralph Waldo Emerson (1803–1882)