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Published online by Cambridge University Press: 24 March 2023
Private industry interests castigate underdeveloped countries’ resistance to offering special tax incentives to foreign firms. Momentum gathers in the Americas and in the United Nations for developed countries to exempt the taxation of foreign investment income to encourage the flow of private capital to underdeveloped areas. The United States leaves economic aid to developing countries to the sphere of private enterprise. The Soviet Union begins providing aid to and forming trade relations with Asian and Arab nations. British foreign economic policy reorientates away from the Empire and Commonwealth and towards North America and Europe.
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