Foreign Investments and Peace

ONE of the most striking, probably the most striking, economic phenomenon of the last fifty years has been the accumulation of capital, particularly in those industrial countries which were affected by that great movement known as the industrial revolution. In 1914 the foreign investments of Great Britain were estimated at about $20,000,000,000; of France between $8,000,000,000 and $10,000,000,000; Germany about $5,000,000,000; with smaller amounts for some of the lesser European countries. The United States had not yet become an exporter of capital in a very large sense of that word. Since 1914, however, we have become the great money market of the world, and that fact is one of the dominant factors in our economic situation. In addition, our industries are becoming increasingly interested in foreign markets and in sources of raw materials

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