Record Copy REMARKS BY EDMUND W. LITTLEFIELD NATIONAL INDUSTRIAL CONFERENCE BOARD CONFERENCE - MAUNA KEA, HAWAII, AUGUST 1970 GENTLEMEN: At the end of the second World War the United States found itself the richest and most powerful nation in the World. Its enemies were prostrate and its allies had suffered greatly. Colonialism was doomed and the newly emerging nations as well as the developed nations were in need of economic assistance. With a typical American blend of idealism, generosity, and self-interest the United States conceived that its interests as well as those of other nations would be best served by an international society composed of prospering partners, living in peace, governed under democratic principles, and operating under an international economic system in which goods and capital flowed freely among the nations of the free world. On the economic side it implemented this policy by the Marshall Plan, foreign aid, the promotion of GATT, the heavy underwriting of international financial institutions such as the World Bank and the IMF. On the basis of the record over the past two decades the system has served the United States and the World well. The volume of foreign trade has increased from $50 billion in 1950 to a whopping $270 billion in 1959. United States investment abroad has soared from $17 l/2 billion to $89 billion in the same period. Both the developed and developing nations have seen increases in their gross national product, although exploding population increases have held down the per capita gains