A World Bank Plan For Guaranteeing Investment In Foreign Mineral Development

THE economy as well as the living standards of a country depends largely upon adequate supplies of raw materials at reasonable prices. Geological and climatic conditions responsible for the occurrence of commercial minerals and the growth of raw agricultural and forest products are so varied in different parts of the world that no country can be self-sufficient. The world is rapidly shrinking because of improvement in transportation facilities, but populations are steadily increasing and so are the needs for a greater production of raw materials and for their more equitable distribution. Too many barriers between nations prevent free access to the main sources of supply of the raw materials vital to neighboring nations and it is just such barriers that are often the cause of friction and even war. The International Trade Organization is doing a commendable job in helping to. break down barriers and to reduce friction, and we should now find ways to facilitate access to these sources of supply and encourage more efficient and greater production of the raw materials so urgently needed throughout the world. This cannot be done by individual selfish governmental agencies, influenced as they are by politics, nor by socialistic governments attempting to nationalize industries. It can be done efficiently only by the free individual through private enterprise properly protected against adverse governmental action. This protection can be supplied by the World Bank.