. 24 THE CLASS STRUGGLE two and three hundred. per cent proﬁt? Even an unselﬁsh war for democracy must be made to pay in dollars and cents. Otherwise, what the good of it all. Only a supreme novelist could adequately describe the emotions of this period; only a supreme economist analyze the economic factors at work; and only a genius picture for all time the complex of economic and psychological forces that dominated that splendid, marvelous and horrible period of prosperity and death, and of its idealism stalking forth as justiﬁcation of the shameless exploitation of a world sinking into ruin.
This period gradually ﬂowed into a new one the two became merged, and the end of one and the beginning of the other are not very clear. This new period, roughly the year 1916, while making still greater proﬁts, was marked by a deeper realization of the causes of the war and its aims of the great ecmomic and political issues involved. It was seen to be a struggle for world power, not in. the sense of a Kaiser mad ambitions, but as a clash between two great economic groups struggling for the industrial and ﬁnancial domination of the world, and particularly for the control of its investment markets.
The war, in a sense, has been the economic education of Amer ican Capitalism. Imperialism has not been unknown in this country, but it was in a form weak, parochial, without a worldvisibn. The war has changed all that, and American Imperialism now stands forth aware of its strength, conscious of its purposes, and preparing its armed power to impose these purposes upon the world.
In a way, the loans to the Allies were a factor in developing this new understanding generally. When, through the parochialism and cowardice of American ﬁnance, it became difﬁcult for the Allies to secure loans here, they retaliated by paying for all their purchases in gold. The inﬂux of gold became tremendous. It threatened to choke American Capitalism in its own plenitude.
Howls of warning arose that this golden ﬂood was swamping the country, that by inﬂating credit it might produce a panic.
Loans were again made easy to secure. and America learned that THE CLASS STRUGGLE 25 foreign trade to day depends largely upon investments upon the capacity of an exporting nation to ﬁnance a prospective custmner.
Where during 1915 it was simply a problem of making money hand over ﬁst, this process in 1916 became a means to an endw the end being economic and ﬁnancial supremacy in the world. Organ ized endeavor took the place of reckless proﬁteering alone; the present was related to the future, and immediate economic ac tivity became a phase of the general process of making this country a world power.
The organization of the American International Corporation was the sign and symbol of this awakening to the opportunity of seizing world power, backed up by a vigorous propaganda for mightier armaments. This International Corporation represents the great interests of ﬁnance capital, and of such powerful eco nomic units as the steel industry. Its purpose is to seek out in vestment markets, exploit and control them. It is a deﬁnite expression of the new era in American trade «an era of systematic export of products organized by the export of capital. Its capitalization of 50, 000, 000 is purely nominal, a mere bagatelle in comparison with the millions upon millions controlled by its sponsors. It is around the activity of this corporation, in China, in Chile, anywhere an opportunity oﬁers, that American Imperialism is organizing itself. It is an ominous sign of the times. And, with characteristic American energy, it is going its European progenitors more than one better.
In pace with this development in its economic consciousness, America experienced a change in its attitude toward armaments.
The earlier period of the war, and to a lesser degree the second period, was marked by the aspiration for universal disarmament and the conviction that war is waste except in the case of a conﬁrmed militarist such as Theodore Roosevelt. But as the war went on, as the economic interests at stake were realized, as American Imperialism became aware of itself, the propaganda for preparedness and larger armaments assumed tremendous pTOF. portions and inevitably developed into a demand for universal military service.