Racism in South Africa Depends on US Dollars
by $top Banking on Apartheid
with Tami Hultman, Reed Kramer
San Francisco, California, United States
About March or April 1978
Reprint of an article appeared in the March 13, 1978 issue of Christianity and Crisis. The article says U.S. direct investment has grown even faster-from $105 million in 1947 to $1.7 billion today, more than 300 American firms employing 100,000 people account for an influential 17 percent of foreign capital and a much larger percentage of outside technology. manufacturing concerns are heavily concentrated in the strategic oil, automotive, computer, electronic, rubber and heavy equipment sectors; other ties Include S2.2 billion in loans from American banks. a volume of trade that makes the U.S. South Africa's number one supplier, and a variety of official links such as $200 million in US Export-Import Bank guarantees. The article includes excerpts from an address by Present Julius Nyerere of Tanzania to the Paasikivi Society of Finland. The article discusses Henry Ford II, U.S. investment, the National Council of Churches (NCC), the NAACP, Senator Dick Clark, the Senate Foreign Relations Subcommittee on Africa, U.S. policy, the Ad Hoc Monitoring Group, the Washington Office on Africa, the United Auto Workers, the U.S. Catholic Conference, the Coalition for a New Foreign and Military Policy, the American Friends Service Committee (AFSC), the Phelps Stokes Fund, Americans for Democratic Action, the American Committee on Africa, the South African Government, Neil Wates, Polaroid, the European Economic Community, General Motors, Leon Sullivan, the Library of Congress, and William Raiford. • Worldwide Effect • Profiting from Repression
Used by permission of former members of Stop Banking on Apartheid.
Collection: Carol B. Thompson and Bud Day Papers on Southern Africa, Michigan State University Libraries Special Collections