Following his service as the Coordinator of Inter-American Affairs for President Franklin D. Roosevelt, Nelson A. Rockefeller left the government to continue efforts to improve the health, education, and infrastructure of Latin America through private means by creating the International Basic Economy Corporation (IBEC). IBEC was a private company, dedicated to the idea that capitalism -- rather than government efforts -- could profitably solve the socioeconomic needs of underdeveloped areas. A 1960s IBEC pamphlet described IBEC's mission: "In order to persuade other private companies in the developed world to contribute to this development role and thus achieve the 'multiplier' effect, IBEC designated profit-making as one of its chief objectives."
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