PERIODICALS
ECONOMICS, LABOR & BUSINESS
focused almost exclusively on the stock market, where foreigners held an estimated $45 billion worth of securities at the end of 1977. This is now rivaled a great spurt of direct investment, says Samuelson, including the purchase of U.S. companies (e.g., Miles Laboratories by West Germany's Bayer AG), real estate (e.g., the purchase of farms and small real-estate developments by German and Italian investors), and in a few cases the construction of...