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Pastimes : Let's Talk About Our Feelings!!!
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To: Neocon who wrote (74045)2/4/2000 3:26:00 AM
From: nihil  Read Replies (1) of 108807
 
Sorry Neocon, wrong again. It is true that much of the gross foreign capital inflows came from UK, but foreign capital constituted only a tiny fraction (how tiny is disputed among economic historians) of total capital inputs. The vast majority of capital in developing American agriculture was sweat equity by farmers and stolen from slaves in clearing and improving land. I think it is clear that the human capital stolen and imported from Africa far exceeded the English sources. Again, most of the manufacturing capital was domestic, often raised in the stock markets and borrowed from the free banking system. In railroads and transportation, most of the capital was domestic, often raised through the creation of banks although there were significant (for those industries) loans from abroad. Historically, capital inflows from one country to another have always been incremental, rather than dominant. Exaggerating the importance of foreign financial capital is a common mistake made by the ignorant.
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