This research examines the implications and potential effects of anti growth and development legislation proposed in the State of Hawaii. The focus of this research is on those anti growth and development proposals which deal specifically with land use.
Foreign investment generally in the United States has increased rapidly in recent years. Total foreign investment in the country has increased approximately 6.6 times since 1971.1 through 1987. Investment declined in the 1973 1974 time per iod. This time period coincided with the economic recession following the first crude oil price/supply crisis. There was also a small decline in 1977, which is not readily explainable by macroeconomic events. Although total investment increased in 1981, the increase was insignificant, in comparison to the
1International Monetary Fund, "United States," Inter national Financial Statistics, 42 (July 1989): 422 426; Inter national Monetary Fund, "United States," International Finan cial Statistics, 35 (July 1982): 402 406; International Mone tary Fund, "United States," International Financial Statistics, 28 (July 1975): 392 396; R. B. Scholl, "The International Investment Position of the United States in 1985," Survey of Current Business, 66 (June 1986): 26 36.
2surrounding years. That year marked the beginning of the major recession in the American economy, a recession which was to last for approximately two years.
A number of factors are responsible for the rapid increase in foreign investment in the United States. Among the more important of these factors are (1) the relatively low value of the dollar in international currency exchange, (2) the rela tively high real interest rates in the United States, (3) the relatively low tax rates applied to foreign earnings in the United States, and (4) political instability in other areas of the world.
Within the United States, foreign investment tends to cause the greatest public al...