Imperialism: A Study, p. 65-109

Imperialism: A Study, p. 65-109

• 1. China/Japan War, profitable for Europe’s financial houses
• a. railway/mining companies > profitable business for companies that raise capital
• b. more armaments, more public debts,
• c. war, revolution, anarchist assassination: manipulates the market
• d. quarrel between USA & Great Britain over Venezuela...
• e. non-economic factors: patriotism, adventure, military enterprise, political ambition, philanthropy
• f. “Finance manipulates the patriotic forces which politicians, soldiers, philanthropists & traders generate; the enthusiasm for expansion which issues from these sources, through strong & genuine, is irregular and blind; the financial interest has those qualities on concentration and clear sighted calculation which are needed to set Imperialism to work.”(66)
• g. “the final determination rests on financial power.” (67)
• h. newspaper: “facts & opinions of the business classes.”
• i. “the general body of the Press comes more & more under the conscious or unconscious dominion of financiers.”(67)
• j. the press will not oppose the organized financial classes (67)
• k. the press is strongly biased toward imperialism (68)
• l. parasites on patriotism
• m. false motives: good government, promote Christianity, stop slavery, elevate the lower races

Chapter V, Imperialism Based On Protection

• 1. increased military spending: insurance premium for business
• 2. increased hostility against foreign nations, characteristic of imperialism
• 3. trade SHOULD be a mutual benefit to the nations involved
• 4. imperialism would make an individual bankrupt

1. 71

• 1. markets may not be worth what they cost
• 2. keeping nation’s finances separate doesn’t make sense
• 3. roundabout trade: crucial
• 4. seizing colonies: not free trade
• 5. tariffs: not free trade
• 6. spheres of influence create monopolies (p. 72)
• 7. Protectionism is not Free Trade! (Obviously)
• 8. rubber trade, increase supply, keep cost down
• 9. bounties to sugar producers, artificially cheap sugar in Britain
• 10. “Open Door” shouldn’t require military action
• 11. it is costly, dangerous & laborious to open non-Western, pre-industrial nations to trade
• 12. France, Russia, Germany, USA could develop tropical nations
• 13. Britain is overwhelmed with its commitments

The Economic Taproot Of Imperialism, p. 76

• 1. national force is used to secure new markets
• 2. poor & precarious markets
• 3. Germany, Belgium, US: advanced with great rapidity
• 4. protectorates/annexation: protects colonial investment
• 5. new markets can take the overflow of goods
• 6. investors want annexation
• 7. secure food & raw materials for Mother Country
• 8. imperialism is said to be a necessity (p.78)
• 9. militarism can overtake liberty & equality (p.79)
• 10. economic forces are the driving force of imperialism
• 11. USA: natural resources + skilled + unskilled labor force + genius for invention & organization
• 12. protectionism allowed US industry to mature
• 13. concentration of wealth among the captains of industry
• 14. goods could be produced faster than they could be consumed > falling price
• 15. trusts develop out of cut-throat competition
• 16. US manufacturing capacity may outpace consumption p. 82
• 17. oil, steel, sugar, railroads, banking: have to spend more at home or expand abroad
• 18. isolationism is abandoned, imperialism is undertaken
• 19. surplus goods are dumped in foreign markets
• 20. Messrs, Rockefeller, Pierpont Morgan, Hanna, Schwab were behind the Republican Party of Teddy Roosevelt
• a. “manifest destiny” and “mission of civilization” are misleading
• b. financiers need to expand to employ more capital
• c. China, Pacific, S. America: new markets for the US
• d. Cuba, Philippines, Hawaii: desirable, tiny portion of appetite
• e. advance of capitalism at home in USA must expand (p. 85)
• f. over-production leads to depressions
• g. Germany overproduced, must sell in E. Africa, West Africa, China
• h. German protectorates were established, p. 86
• i. improvement of methods of production > centralization of financiers
• j. over production, under-consumption
• k. under-consumption leads to high unemployment
• l. saving: capital lies idle
• m. wages are based on cost of living?
• n. wages are not based on the efficiency of the labor.
• o. the rich never spend enough to prevent overproduction
• p. the surplus income of the rich is automatically saved
• q. millionaire’s incomes rise faster than their spending
• r. trusts: narrow/dam up channels of investment
• s. Imperialism is required to sell surplus of goods abroad
• t. if labor earned more, the surplus could be sold domestically
• u. higher taxes would give workers more public benefits
• v. the poor have many unsatisfied material wants
• w. an intelligent progressive community with a lot of educational/occupational opportunities would purchase those extra goods
• y. there doesn’t need to be under-employment & over-production
• z. producers have a hard time selling their products (p. 92), need advertisers

Progressive Society p. 93

• 1. would want more inventive/operative energies of producers
• 2. would not be “a false economy of distribution.”
• 3. would not be “a chronic economic waste.”
• 4. better distribution: full employment, high consumption at home
• 5. “Imperialism is the root of this false economy.”
• 6. social reformers want to raise consumption for the masses
• 7. excessive incomes = a suicidal economy
• 8. the rich have a consuming power they do not use
• 9. public taxes & public spending need to increase
• 10. “unearned elements of income should be taxed.”
• 11. Trade Unionism/Socialism: enemies of imperialism (p. 96)
• 12. Imperialism crushes trade unionism & misuses socialism
• 13. the State could meet the working class’ economic needs p. 97
• 14. expansion of foreign trade/empire is not necessary
• 15. quantitative vs. qualitative growth, p. 98
• 16. Denmark/Switzerland: 1) strong public education, 2) developed agriculture, 3) applies science to manufacturing,
• 17. Britain: 1) neglected agriculture, 2) allowed population to grow, 3) fell behind in education, 4) didn’t adapt to new technology

Imperialist Finance, p. 100

• 1. Imperialism: private interests use public payrolls to expand business outside of the home country
• 2. 3/4 of the $ goes to naval/military operations
• 3. education, civil government are neglected
• 4. public $ goes to landowners
• 5. incredible expenditures on S. African war
• 6. profitable markets for surplus goods
• 7. bribes or concessions to less benefitted interests
• 8. 1) interest, 2) trade profits, 3) employment
• 9. public spending should increase, p. 103
• 10. taxation should be mostly on unearned income
• 11. a straight tax on citizens would not allow Imperialism to function, p. 104
• 12. resources were extracted from S. Africa with tax dollars
• 13. Free Trade cheapened labor, p. 105
• 14. the Liberal Party favored protectionism
• 15. both parties were sold out & the people were ignorant
• 16. Imperialism thrives on indirect taxation
• 17. many elites are Protectionists
• 18. the masses see history with dim eyes
• 19. the Liberal party didn’t promote peace, retrenchment, and reform
• 20. Liberal party, buffer between conservatives and socialist union movements
• 21. the Liberal Party won’t renounce Imperialism
• 22. land reform would infringe on right’s of landowners