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For decades and longer, the United States and Europe lectured and encouraged countries in Latin America, Africa and Asia to welcome and accept foreign investment as the virtuous path to modernization, growth and prosperity.
With few notable exceptions western leaders and academics promoted unlimited flows of capital (and the outflows of profits). No section of the targeted economies was off-limits – agriculture, mining, manufacturers, utilities, transport and communication were to be ‘modernized’ through US and European ownership and control.