Historians have so far made few attempts to assess directly the
costs and benefits of Britain's investment in empire. This book
presents answers to some of the key questions about the economics
of imperialism: how large was the flow of finance to the empire?
How great were the profits on empire investment? What were the
social costs of maintaining the empire? Who received the profits,
and who bore the costs? The authors show that colonial finance did
not dominate British capital markets; returns from empire
investment were not high in comparison to earnings in the domestic
and foreign sectors; there is no evidence of continued exploitative
profits; and empire profits were earned at a substantial cost to
the taxpayer. They depict British imperialism as a mechanism to
effect an income transfer from the tax-paying middle class to the
elites in which the ownership of imperial enterprise was heavily
concentrated, with some slight net transfer to the colonies in the
process.
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