The Export of American Capital

I

UNTIL recent years the United States was, on the net balance, a borrower, not a lender to foreign countries. In 1914 American investments abroad were limited almost entirely to Canada and the Latin-American countries, and were smaller in volume than those held by the peoples of the older industrial countries of Europe in American enterprises. Our varied and extensive natural resources, our rapid and unprecedented industrial expansion, our skill in improving and utilizing machine technique afforded constant and well-rewarded opportunities for all the capital which we accumulated. In fact, it might almost be said that American capital was accumulated so