For over a decade the controversy surrounding American private investment in South Africa has failed to penetrate a basic national ambiguity. That ambiguity is viewed by one side of the controversy as plain hypocrisy in the face of racial wrong, and by the other as pragmatism before unclear moral alternatives.

Far from clarifying matters, the ongoing debate has resulted in a constant shift in emphasis and sometimes in position. Many who once called for a complete withdrawal of in vestment now advocate it if it can be shown to promote the welfare of South African blacks. At the same time, strong advocates of withdrawal have won new adherents from active political groups.