A well-known foreign correspondent sketches in broad lines the development of American imperialism, and sets forth the fundamental conditions of its growth. For him the imperial dollar is a reality which has to be dealt with as a hard cold fact. Uncritical enthusiasm as well as fanatical condemnation will not help the situation. The American empire is the ineluctible result of various factors governing the evolution of the United States, combined with a peculiar world situation arising from the war. The American conquest of the world, economically speaking, is well-nigh irresistible, and is not yet complete. The United States will continue to export capital, and consequently will receive an ever increasing tribute from abroad. How this tribute will be used in the future is one of the crucial questions which the writer leaves to the gods. On the whole this is a well-informed and readable discussion of some of the broadest aspects of present-day international relations.