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During the years before 1914 the world’s still largely unused resources were brought increasingly within the framework of a single world economy. This process owed much to Britain’s ability to export capital on a scale which has never since been equalled. Yet periods of heavy investment overseas alternated with home investment booms that absorbed the greater part of Britain’s savings. The reasons for this fluctuation, and the mechanism which linked Britain’s economic development with the rest of the world, are still subject to debate. This volume illuminates the problems of the global economy today by examining different interpretations and research from history.
During the years before 1914 the world's still largely unused resources were brought increasingly within the framework of a single world economy. This process owed much to Britain's ability to export capital on a scale which has never since been equalled. Yet periods of heavy investment overseas alternated with home investment booms that absorbed the greater part of Britain's savings. The reasons for this fluctuation, and the mechanism which linked Britain's economic development with the rest of the world, are still subject to debate. This volume illuminates the problems of the global economy today by examining different interpretations and research from history.
The major advances in transport services and the export of capital from Europe during the years 1870-1914 made possible the development of a true world economy. This volume studies the British Empire's export activity in light of its world power status. Saul traces the development of British overseas trade from its beginnings prior to European imperialism around the world through its standing at the outbreak of World War I. The major advances in transport services and the export of capital from Europe during the years 1870-1914 made possible the development of a true world economy. This volume studies the British Empire's export activity in light of its world power status. Saul traces the development of British overseas trade from its beginnings prior to European imperialism around the world through its standing at the outbreak of World War I.