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the pressures of change in many nations of the developing world, in Iran and uncertainty about the future stability of many developing countries. As a result of those fundamental facts, we face some of the most serious challenges in the history of this nation. The Soviet invasion of Afghanistan is a threat to global peace, to East-West relations, and to regional stable flow of oil.
In the fiscal year that ended on June 30, 1945, almost wholly a period of global warfare, war expenditures amounted to 90.5 billion dollars. For the fiscal year 1946 war expenditures were originally estimated at 70 billion dollars. That estimate was made a year ago while we were still engaged in global warfare. After victory over Japan this estimate was revised to 50.5 billion dollars.
Taking advantage of the reputation it had deservedly won among progressive circles in the country, the National Spiritual Assembly hosted, in collaboration with the Bahá’í International Community’s newly created Institute for Studies in Global Prosperity, a symposium on the subject of “Science, Religion and Development”. The project engaged the participation of over one hundred of the most influential development organizations in the country and inspired national media coverage.
Without resources, diplomacy cannot succeed. Our security assistance programs help friendly governments defend themselves and give them confidence to work for peace. And I hope that you in the Congress will understand that, dollar for dollar, security assistance contributes as much to global security as our own defense budget. We must stand by all our democratic allies.
To them, and indeed to the entire body of the followers of Bahá’u’lláh, engaged in this global Crusade, I direct my appeal to arise and, in the course of these fast-fleeting years, in every phase of the campaigns that are to be fought in all the continents of the globe, prove their worth as gallant warriors battling for the Cause of Bahá’u’lláh.
The Budget total for the next fiscal year, the year that ends on June 30, 1947, is estimated at just above 35.8 billion dollars-about a third of the budgets for global war, although nearly four times the prewar budgets. This estimate is based on the assumption that a rapid liquidation of the war program will be associated with rapid reconversion and expansion of peacetime production.
We must continue to integrate both modes of collection in our analyses. Every President for over three decades has recognized that America's interests are global and that we must pursue a global foreign policy. Two world wars have made clear our stake in Western Europe and the North Atlantic area. We are also inextricably linked with the Far East, politically, economically, and militarily.
A recent report compiled by PricewaterhouseCoopers from interviews with 800 CEO's in the UK, France, Germany, Spain, Australia, Japan and the US and titled "Innovation and Growth: A Global Perspective" included the following findings: "High-performing companies those that generate annual total shareholder returns in excess of 37 percent and have seen consistent revenue growth over the last five years average 61 percent of their turnover from new products and services.
A China playing its proper role in the world is. I will go to China, and I have invited China's president to come here, not because we agree on everything, but because engaging China is the best way to work on our common challenges, like ending nuclear testing, and to deal frankly with our fundamental differences, like human rights. The American people must prosper in the global economy.
As totalitarianism struggles to avoid being overwhelmed by the forces of economic advance and the aspiration for human freedom, it is the free nations that are resilient and resurgent. As the global democratic revolution has put totalitarianism on the defensive, we have left behind the days of retreat.
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