International Basic Economy Corporation

Founded in 1947 by Nelson A. Rockefeller under the deliberately chosen premise that a U. S. private business corporation focusing its efforts on upgrading "basic economies" of less developed countries - lowering food prices, building sound housing, mobilizing savings, fostering industrialization - could at the same time be profitable enough to encourage others, especially nationals, to set up competitive businesses and thereby bring about a "multiplier" development effect.

IBEC's early history divides into two periods. In the first period (1947-1955), a subsidiary, the Venezuelan Basic Economy Corporation (VBEC) was formed. Three companies were set up under VBEC: a fishing company, a food wholesaling company (which became a retailing supermarket company), and a milk company. In Brazil IBEC provided specialized services to the farmer through five companies: a hybrid seed company, a hog experimentation company, a grain storage company, a helicopter crop-dusting company, and a mechanized agricultural services company. In addition there were modest investments in several Brazilian manufacturing concerns and an investment banking operation.

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