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Books > Business & Economics > Economics > International economics > International finance
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The History of Foreign Investment in the United States to 1914 (Hardcover)
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The History of Foreign Investment in the United States to 1914 (Hardcover)
Series: Harvard Studies in Business History
Expected to ship within 12 - 17 working days
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Total price: R2,462
Discovery Miles: 24 620
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From the colonial era to 1914, America was a debtor nation in
international accounts-owing more to foreigners than foreigners
owed to us. By 1914 it was the world's largest debtor nation. Mira
Wilkins provides the first complete history of foreign investment
in the United States during that period. The book shows why the
United States was attractive to foreign investors and traces the
changing role of foreign capital in the nation's development,
covering both portfolio and direct investment. The immense new wave
of foreign investment in the United States today, and our return to
the status of a debtor nation-once again the world's largest debtor
nation-makes this strong exposition far more than just historically
interesting. Wilkins reviews foreign portfolio investments in
government securities (federal, state, and local) and in corporate
stocks and bonds, as well as foreign direct investments in land and
real estate, manufacturing plants, and even such service-sector
activities as accounting, insurance, banking, and mortgage lending.
She finds that between 1776 and 1875, public-sector securities
(principally federal and state securities) drew in the most
long-term foreign investment, whereas from 1875 to 1914 the private
sector was the main attraction. The construction of the American
railroad system called on vast portfolio investments from abroad;
there was also sizable direct investment in mining, cattle
ranching, the oil industry, the chemical industry, flour
production, and breweries, as well as the production of rayon,
thread, and even submarines. In addition, there were foreign stakes
in making automobile and electrical and nonelectrical machinery.
America became the leading industrial country of the world at the
very time when it was a debtor nation in world accounts.
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