The Bankers in Bolivia: A Study in American Foreign Investment

The Bankers in Bolivia: A Study in American Foreign Investment

The Bankers in Bolivia: A Study in American Foreign Investment

The Bankers in Bolivia: A Study in American Foreign Investment

Excerpt

What is usually known as modern economic imperialism is one of the most characteristic and important historical developments of contemporary times. It is not only a leading phase of modern commerce and investment, but has also profoundly affected other and noneconomic aspects of our life. In the field of politics it has involved: (1) the development of a foreign policy conditioned by overseas ambitions and colonial dominion, and (2) the reaction of this type of foreign policy upon the domestic political institutions of those states which have participated to any extensive degree in imperialistic ventures. As L. T. Hobhouse long ago made clear, no country can expect to devote a part of its energy and resources to the acquisition and domination of lands and peoples overseas and still expect to keep its domestic politics free from the responsibilities and handicaps imposed by overseas dominion. In the field of social institutions far-reaching modifications have been produced both at home and abroad through the contact of widely different cultures. Likewise, culture and intellectual life have been deeply influenced by that interaction of divergent cultures upon each other which has been produced through the contacts promoted by modern imperialism. Therefore, it may be contended with full assurance of accuracy and with a sense of moderation that one who fails to acquaint himself with the nature and achievements of contemporary imperialism will have ignored one of the most significant phases of contempo-

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