Not even the John Birch Society would say that the Institute of Directors is an underground Communist organisation. The standing ovation given to Sir Alec Douglas ‘Home at the Institute's annual dinner recently is a very clear indication of where its sympathies lie. Hence the reader of the latest issue will not suspect any ulterior motive in publishing an article by Emil Rado entitled "Wegtern Capitalists and African Jobs." But most readers, I trust, will be surprised by his conclusion: "that the Western capitalist may hinder stable development in the underdeveloped countries..". Of course Rado argues that this arises from from bad investment policy; but for the Western capitalist to pursue a different investment policy from the one described he would have to cease being a capitalist!
Rado poses the problem thus: "In the maelstrom of comment on the economic problems of the underdeveloped countries it is usually assumed that their needs can be summed up in the phrase ‘more production'..e.This is a half-truth and, like all half-truths, potentially dangerous. Much of the remainins half can be summed up in one word: jobs." He points out that the nature of the problem is very different in the advanced countries; there "an annual rise of 4% in national income" (can)"..maintain both full employment and.. double per capita incomes in under 25 years." But in, for example, tropical Africa: "With population growth averaging 24% per annum, and production growing only a little faster than that, the growth of employment has been lagging behind both..at present rates of improvement per capita" (it) "may take three generations to double..their present low level." Rado doesn't pose the problem this way but this means, in effect, puttin off indefinitely any prospect of the people of these countries reaching any @ an adequate standard of living,