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capital is necessary？ Can sufficient capital be accumulated？ A
brief resume of the industrial history of the last one hundred years
or so will be relevant at this stage of the discussion。
Capitalistic production； in its modern significance； was born of the
industrial revolution in England in the latter half of the
eighteenth century。 The great inventions of that period were both
its father and its mother； while； as Mr。 Brooks Adams has shown； the
looted treasure of India was the potent midwife。 Had there not been
an unwonted increase of capital； the impetus would not have been
given to invention； while even steam might have languished for
generations instead of at once becoming； as it did； the most
prominent factor in the new method of production。 The improved
application of these inventions in the first decades of the
nineteenth century mark the transition from the domestic to the
factory system of manufacture and inaugurated the era of capitalism。
The magnitude of this revolution is manifested by the fact that
England alone had invented the means and equipped herself with the
machinery whereby she could overstock the world's markets。 The home
market could not consume a tithe of the home product。 To
manufacture this home product she had sacrificed her agriculture。
She must buy her food from abroad； and to do so she must sell her
goods abroad。
But the struggle for commercial supremacy had not yet really begun。
England was without a rival。 Her navies controlled the sea。 Her
armies and her insular position gave her peace at home。 The world
was hers to exploit。 For nearly fifty years she dominated the
European； American； and Indian trade； while the great wars then
convulsing society were destroying possible competitive capital and
straining consumption to its utmost。 The pioneer of the industrial
nations； she thus received such a start in the new race for wealth
that it is only today the other nations have succeeded in overtaking
her。 In 1820 the volume of her trade （imports and exports） was
68；000；000 pounds。 In 1899 it had increased to 815；000；000 pounds；…
…an increase of 1200 per cent in the volume of trade。
For nearly one hundred years England has been producing surplus
value。 She has been producing far more than she consumes； and this
excess has swelled the volume of her capital。 This capital has been
invested in her enterprises at home and abroad； and in her shipping。
In 1898 the Stock Exchange estimated British capital invested abroad
at 1；900；000；000 pounds。 But hand in hand with her foreign
investments have grown her adverse balances of trade。 For the ten
years ending with 1868； her average yearly adverse balance was
52；000；000 pounds； ending with 1878； 81；000；000 pounds； ending with
1888； 101；000；000 pounds； and ending with 1898； 133；000；000 pounds。
In the single year of 1897 it reached the portentous sum of
157；000；000 pounds。
But England's adverse balances of trade in themselves are nothing at
which to be frightened。 Hitherto they have been paid from out the
earnings of her shipping and the interest on her foreign
investments。 But what does cause anxiety； however； is that；
relative to the trade development of other countries； her export
trade is falling off； without a corresponding diminution of her
imports； and that her securities and foreign holdings do not seem
able to stand the added strain。 These she is being forced to sell
in order to pull even。 As the London Times gloomily remarks； 〃We
are entering the twentieth century on the down grade； after a
prolonged period of business activity； high wages； high profits； and
overflowing revenue。〃 In other words； the mighty grasp England held
over the resources and capital of the world is being relaxed。 The
control of its commerce and banking is slipping through her fingers。
The sale of her foreign holdings advertises the fact that other
nations are capable of buying them； and； further； that these other
nations are busily producing surplus value。
The movement has become general。 Today； passing from country to
country； an ever…increasing tide of capital is welling up。
Production is doubling and quadrupling upon itself。 It used to be
that the impoverished or undeveloped nations turned to England when
it came to borrowing； but now Germany is competing keenly with her
in this matter。 France is not averse to lending great sums to
Russia； and Austria…Hungary has capital and to spare for foreign
holdings。
Nor has the United States failed to pass from the side of the debtor
to that of the creditor nations。 She； too； has become wise in the
way of producing surplus value。 She has been successful in her
efforts to secure economic emancipation。 Possessing but 5 per cent
of the world's population and producing 32 per cent of the world's
food supply； she has been looked upon as the world's farmer； but
now； amidst general consternation； she comes forward as the world's
manufacturer。 In 1888 her manufactured exports amounted to
130；300；087； in 1896； to 253；681；541； in 1897； to 279；652；721； in
1898； to 307；924；994； in 1899； to 338；667；794； and in 1900； to
432；000；000。 Regarding her growing favorable balances of trade； it
may be noted that not only are her imports not increasing； but they
are actually falling off； while her exports in the last decade have
increased 72。4 per cent。 In ten years her imports from Europe have
been reduced from 474；000；000 to 439；000；000； while in the same
time her exports have increased from 682；000；000 to 1；111；000；000。
Her balance of trade in her favor in 1895 was 75；000；000； in 1896；
over 100；000；000； in 1897； nearly 300；000；000； in 1898；
615；000；000； in 1899； 530；000；000； and in 1900； 648；000；000。
In the matter of iron； the United States； which in 1840 had not
dreamed of entering the field of international competition； in 1897；
as much to her own surprise as any one else's； undersold the English
in their own London market。 In 1899 there was but one American
locomotive in Great Britain； but； of the five hundred locomotives
sold abroad by the United States in 1902； England bought more than
any other country。 Russia is operating a thousand of them on her
own roads today。 In one instance the American manufacturers
contracted to deliver a locomotive in four and one…half months for
9250； the English manufacturers requiring twenty…four months for
delivery at 14；000。 The Clyde shipbuilders recently placed orders
for 150；000 tons of plates at a saving of 250；000； and the American
steel going into the making of the new London subway is taken as a
matter of course。 American tools stand above competition the world
over。 Ready…made boots and shoes are beginning to flood Europe；
the same with machinery； bicycles； agricultural implements； and all
kinds of manufactured goods。 A correspondent from Hamburg； speaking
of the invasion of American trade； says： 〃Incidentally； it may be
remarked that the typewriting machine with which this article is
written； as well as the thousandsnay； hundreds of thousandsof
others that are in use throughout the world； were made in America；
that it stands on an American table； in an office furnished with
American desks； bookcases； and chairs； which cannot be made in
Europe of equal quality； so practical and convenient； for a similar
price。〃
In 1893 and 1894； because of the distrust of foreign capital； the
United States was forced to buy back American securities held
abroad； but in 1897 and 1898 she bought back American securities
held abroad； not because she had to； but because she chose to。 And
not only has she bought back her own securities； but in the last
eight years she has become a buyer of the securities of other
countries。 In the money markets of London； Paris； and Berlin she is
a lender of money。 Carrying the largest stock of gold in the world；
the world； in moments of danger； when crises of international
finance loom large； looks to her vast lending ability for safety。
Thus； in a few swift years； has the United States drawn up to the
van where the great industrial nations are fighting for commercial
and financial empire。 The figures of the race； in which she passed
England； are interesting：
Year United States Exports United Kingdom Exports
1875 497；263；737 1；087；497；000
1885 673；593；506 1；037；124；000
1895 807；742；415 1；100；452；000
1896 986；830；080 1；168；671；000
1897 1；079；834；296 1；139；882；000
1898 1；233；564；828 1；135；642；000
1899 1；253；466；000 1；287；971；000
1900 1；453；013；659 1；418；348；000
As Mr。 Henry Demarest Lloyd has noted； 〃When the news reached
Germany of the new steel trust in America； the stocks of the iron
and steel mills listed on the Berlin Bourse fell。〃 While Europe has