The profit motive: U.S. abets S. Africa apartheid
Resource Human Rights
by Ron Freund
Chicago, Illinois, United States
Undated, August 9, 1977 or a little later
Clergy and Laity Concerned
Leaflet reprinting a newspaper article "U.S. abets S. Africa apartheid" by Ron Freund. Freund says that, while most Americans agree that South Africa's apartheid policies violate their moral and legal precepts, U.S. civic organizations, churches or universities that own major stocks or bonds or has deposits in major banks nevertheless are profiting directly or indirectly from apartheid. The position of the banks and corporations is typified by the response of General Electric to a shareholder resolution filed by three religious groups calling for withdrawal of operations in South Africa. The GM statement said: "Management believes that the ·company can do more good by remaining in South Africa …” Freund says recent history shows that economic and cultural sanctions can speed the process toward racial justice and full human rights. Since 1965, United Nations economic sanctions have brought severe economic pressures on Ian Smith's regime, despite many violations of these sanctions. Now is the time for U.S. companies, banks, universities, officials and citizens to help to create a crisis akin to civil disobedience advocated by Dr. Martin Luther King Jr., in order to advance human rights in South Africa. The article discusses Citibank, Morgan Guarantee Trust, Bank of America, Continental of Illinois, First National Bank of Chicago, General Electric (GE), General Motors (GM), Ford, Mobil Oil, Goodyear, IBM (International Business Machines), South Africa's creditworthiness, a favorable investment climate, repressive laws, U.S. bank loans, the transfer of power, the white minority, and the black majority.
Used by permission of former members of Clergy and Laity Concerned.
Collection: Miloanne Hecathorn papers