Ask the Scholar
Document scope · 1 page
Scholar
Ask about this object, its catalog metadata, its source description, or the page inventory.
For page-specific OCR and visual context, open one of the page chats.
Scholar Source Context
Document identity
localId
7338438
label
President's Letter to Congress with the third annual International Economic Report
core
doc
dtoType
document
citationUrl
pageCount
1
Source metadata
id
7338438
sourceUrl
contentType
document
title
President's Letter to Congress with the third annual International Economic Report
citationUrl
collections
White House Press Releases (Ford Administration)
Press Releases
largeImageUrl
imageCount
1
hasImages
yes
source
import
hasTranscription
no
Source extras
naId
7338438
levelOfDescription
item
productionDates
day
20
logicalDate
1975-03-20
month
3
year
1975
recordType
description
ocrSource
nara-archive
Single page context
seq
1
pageIndex
0
type
document
mediaId
c9dd738241452d3a
ocrText
Digitized from Box 8 of the White House Press Releases at the Gerald R. Ford Presidential Library
FOR IMMEDIATE RELEASE
MARCH 20, 1975
Office of the White House Press Secretary
THE WHITE HOUSE
TO THE CONGRESS OF THE UNITED STATES:
America must adjust to turbulent global economic
events. The world has moved from a period of slow economic
growth in 1971 through a two-year expansionary boom to a
sudden and pervasive recession. Recent events have caused
the United States, as well as other countries, to reappraise
international economic policies.
This, the third annual International Economic Report,
describes the very difficult situation confronting us. It
also reflects the progress made toward achieving our goal
of an open world economy to serve the interdependent needs
of all countries.
In 1974, most of the world's economies were beset by
problems flowing from the unprecedented combination of re-
cession and inflation. Additional pressures, including
precipitous increases in energy costs and disappointing
food harvests further strained the world economy, particu-
larly in the areas of trade and monetary flows and adjust-
ments. Moreover, these factors contributed to the trend
towards increasing economic nationalism which could frustrate
our desire for an open world economy.
In recent years, many governments have elected more
direct involvement in economic activities, notably through
restrictive supply and pricing practices and, sometimes, by
the expropriation of foreign investment. When governments
manipulate international markets to maximize short-term
benefits, they often do so at the expense of others and,
ultimately, of themselves. Improved living standards and
a more peaceful world are the rewards of an open world
economy based on international cooperation. Such rewards
are too great to allow short-sighted distractions to alter
our course.
Building effective economic institutions and policies
in today's economic environment is more difficult, but also
more necessary, than ever. Unless we act constructively,
energy and food problems, growing economic nationalism, the
possibility of increased protection for trade, and the pros-
pects of world recession and unemployment will jeopardize
the world cooperation developed after World War II.
The United States does not and cannot govern the world
economy. But it should fulfill its responsibility as an
economic leader among nations. The Administration recog-
nizes this responsibility. We have taken steps to turn the
difficult food, energy, trade and investment issues into
positive opportunities for achieving cooperation with trading
partners and coordination between the Nation's domestic and
international economic policies. Specifically, the Trade Act
of 1974 -- which exemplified constructive cooperation between
the Executive and Legislative Branches - reflects the U.S.
commitment to an open and equitable world trading system.
more
2
The World Food Conference, proposed by the United States,
set in motion international activities to improve world food
reserves, agricultural assistance, crop information systems
and increased food production. At the time I signed the
Foreign Investment Study Act of 1974 which authorized the
collection and analysis of data on foreign investment in the
United States, I reaffirmed American support for the opera-
tion of free market forces to direct worldwide investment
flows in the most productive way. Therefore, we will oppose
any new restriction on foreign investment in the United States
except where absolutely necessary on national security grounds
or to protect an essential national interest.
The goal of normalization of economic relations with
the Communist countries has been reaffirmed. America also
has continued its commitment to help the less developed
countries. Moreover, we have proposed that an International
Monetary Fund trust be established to provide special as-
sistance to the least developed countries. We will shortly
implement a generalized system of preferences in trading
with less developed countries. We are also continuing our
cooperative efforts to achieve equitable treatment for
U.S. investment abroad.
Recently, I sent to the Congress a comprehensive
energy and economic program. It is designed to reduce our
dependence on imported oil. The plan provides incentives
to increase domestic energy production and conserve energy
use. The United States is meanwhile developing joint
policies with other major oil-consuming countries aiming at
increased resource development and more efficient use of
energy. The major consuming countries must act jointly to
build a constructive relationship with the oil producing nations.
Such actions are essential to restore the international
confidence in adequate and reliable energy sources.
These interrelated economic activities are aimed at
achieving an improved international economic system. They
are part of a balanced policy. They also accentuate the
positive initiatives being taken to cope with the special-
ized problems of food, assistance to less developed countries
and East-West economic relations.
The United States firmly believes that our own problems,
and those of the rest of the world, can be dealt with most
effectively through international cooperation. We lead in
the pursuit of peace. Therefore, our motivating principles,
our standards of conduct and the guidelines we set for the
conduct of international economic development are ever more
crucial to our national well-being, and that of the world.
GERALD R. FORD
THE WHITE HOUSE,
MARCH 20, 1975