^{Page 19 note 1} See, generally, Kamarck, Andrew M., The Economics of African Development (New York, 1971 edn.), p. 238.Google Scholar As to Nigeria, Kenya, and the Ivory Coast: see Teriba, O., Edozien, E. C., and Kayode, M. O., ‘Some Aspects of Ownership and Control Structure of Business Enterprise in a Developing Economy: the Nigerian case’, in The Nigerian Journal of Economic and Social Studies (Ibadan), XIV, 1, 03 1972, p. 3;Google ScholarNational Christian Council of Kenya, Who Controls Industry in Kenya? (Nairobi, 1968);Google Scholar and Bergerol, Jane, ‘Industry: nothing attracts like success’, in African Development (London), VII, 11, 11 1973, I.C. 13.Google Scholar

^{Page 20 note 1} For example, Vernon, Raymond, Sovereignty at Bay (New York, 1971);Google ScholarVaupel, James W. and Curhan, Joan P., The World's Multinational Enterprises (Boston, 1973);Google Scholar and U.N. Department of Economic and Social Affairs, Multinational Corporations in World Development (New York, 1973).Google Scholar

^{Page 20 note 2} Vaupel and Curhan, op. cit. p. 3.

^{Page 20 note 3} Reuber, Grant L., Private Foreign Investment in Developmeat (Oxford, 1973), p. 101.Google Scholar The economic effects on the host countries have also been evaluated by Bos, H. C., Sanders, Martin, and Secchi, Carlo, Private Foreign Investment in Developing Countries (Dordrecht, 1974).CrossRefGoogle Scholar

^{Page 21 note 1} U.N. Economic Commission for Africa, Investment Laws and Regulations in Africa (New York, 1965);Google Scholar Reuber, op. cit. p. 120; and O.E.C.D., Investing in Developing Countries (Paris, 1972).Google Scholar

^{Page 21 note 2} Reuber, op. cit. p. 119.

^{Page 21 note 3} O. E. C. D., Stock of Private Direct Investments by D.A.C. Countries in Developing Countries, End 1967 (Paris, 1972);Google Scholar and O.E.C.D., Stock of Private Investment by Member Countries of the Development Assistance Committee in Developing Countries, End 1971 (Paris, 1973).Google Scholar The first document adopted the International Monetary Fund definition: ‘The term, direct investment, is used to refer to investment made to create or expand some kind of permanent interest in an enterprise; it implies a degree of control over its management’ (p. 159). In the basic study of 1967 the amount for each African state was broken down by economic sector and country of origin, while in the supplementary study of 1971 only a total figure for each state was given.

^{Page 22 note 1} Frankel, S. Herbert, Capital Investment in Africa (London, 1938; New York edn. 1969).Google Scholar

^{Page 22 note 2} Lupo, Leonard A., ‘U.S. Direct Investment Abroad in 1972’, in Survey of Current Business (Washington), LIII, 9, 09 1973, p. 20;Google ScholarU.K. Central Office of Information, Britain's International Investment Position (London, 1971).Google Scholar

^{Page 22 note 3} O.E.C.D., End 1967, p. 135.

^{Page 22 note 4} O.E.C.D., Development Co-operation, 1973 Review (Paris, 1973), p. 148.Google Scholar To see the $4.3 billion in perspective it must be noted that the total flow of D.A.C. resources to the Third World was $19.7 billion, of which 10.2 was official, 2.7 was portfolio, 1.4 was export credits, and 1.0 was from voluntary agencies.

^{Page 22 note 5} Ibid. pp. 148–9. These figures are for all the developing countries of Africa, not just black Africa.

^{Page 23 note 1} Sources: O.E.C.D., End 1967 and End 1971.

^{Page 24 note 1} Source: O.E.C.D., End 1967.

^{Page 24 note 2} See Chudson, Walter, ‘Africa and the Multinational Enterprise’, in Hahlo, H. R., Smith, J. Graham, and Wright, Richard W. (eds.), Nationalism and the Multinational Enterprise (Leiden, 1973), p. 146.Google Scholar

^{Page 24 note 3} In research visits to the 14 countries of West Africa in 1970, and to Zaïre in 1973, the author found only a handful of small American investors.

^{Page 25 note 1} For practical advice to the investor seeking a site, see Business International, Prospects for Business in Developing Africa (Geneva, 1970).Google Scholar For more optimistic accounts, see Gitelman, Sheldon J., ‘A Manufacturing Base in Africa?’, in Columbia Journal of World Business (New York), VI, 1, 01–02 1971, p. 79;Google Scholar and I. N. Abiaka, ‘Why Not Invest in Africa?’, in Ibid. VII, 5, September–October 1972, p. 31. Current surveys for each country are in U.S. Department of Commerce, ‘Basic Data on the Economy of…’, in Overseas Business Reports (Washington, various dates).Google Scholar Less comprehensive, but often more critical, are the annual surveys in Africa South of the Sahara (London) and Africa Contemporary Record (London).

^{Page 25 note 2} U.N. Economic Commission for Africa, Survey of Economic Conditions in Africa, 1972. Part I (New York, 1973), p. 280.Google Scholar

^{Page 25 note 3} Smith, Robert S., ‘West African Economic Cooperation – Problems and Prospects’, in Foreign Service Journal (Washington), 04 1974, p. 11.Google Scholar

^{Page 26 note 1} Sources: D.A.C. investments are based on Table 1. Other data is from Survey of Economic Conditions in Africa, 1972, pp. 45–8, 122, and 161. The population of Nigeria has more recently been estimated to be nearly 80 million.

^{Page 26 note 2} On market indicators, see Business International, op. cit. p. 110; and Reuber, op. cit. p. 135.

^{Page 28 note 1} They are referred to in Brownlie, Ian, Principles of Public International Law (Oxford, 1973), p. 525.Google Scholar

^{Page 28 note 2} Business International, op. cit. p. 11.

^{Page 28 note 3} Brownlie, op. cit. pp. 517 and 523.

^{Page 29 note 1} O.E.C.D., 1973 Review, p. 150.

^{Page 30 note 1} Africa Research Bulletin. Economic, Financial, and Technical Series (Exeter), x, 5, 30 June 1973, p. 2755, and x, 7, 31 August 1973, p. 2813.

^{Page 30 note 2} Nigerian Enterprises Promotion Decree, 1972, in Investment Laws of the World (Dobbs Ferry, N.Y., 1974), 17:Google Scholar 2D – 1.4; and Hutchison, Alan ‘Last Minute Rush to Nigerianise’, in African Development, VII, 3,03 1974, p. N.41.Google Scholar

^{Page 30 note 3} For a contrary view, see Axnin, Samir, Neo-Colonialism in West Africa (Harmondsworth, 1973),Google Scholar notably the section on ‘The Ivory Coast, 1965–70: the shape of problems to come?’, pp. 170–7.

^{Page 31 note 1} Kalsi, Swadesh S., ‘Encouragement of Private Foreign Investment in the Developing Country: provisions in the laws of Kenya’, in International Lawyer (Chicago), VI, 3, 07 1972, p. 599.Google Scholar

^{Page 31 note 2} Africa (London), 26, October 1973, p. 41, and 30, February 1974, p. 53; also Africa Research Bulletin. Economic, Financial, and Technical Series, VII, 11, 31 December 1970, p. 1876, and VIII 7, 31 August 1971, p. 2101.

^{Page 31 note 3} Ibid. VII, 1, 28 February 1970, p. 1591; and Kalsi, loc. cit. pp. 585 and 588.

^{Page 31 note 4} Capital Investments Board, ‘Outline of Ghana's Investment Policy’, in Investment Laws of the World, 4: 2 A, App. x; Africa Research Bulletin. Economic, Financial, and Technical Series, IX, 11, 31 December 1972, p. 2561; IX, I 2, 31 January 1973, p. 2593; and Africa, 24, August 1973, p. 55.

^{Page 33 note 1} This concept is explored in Fayerweather, John, International Business Management: a conceptual framework (New York, 1969), p. 113.Google Scholar