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OverviewFrom 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. Full Product DetailsAuthor: Mira WilkinsPublisher: Harvard University Press Imprint: Harvard University Press Dimensions: Width: 15.60cm , Height: 5.30cm , Length: 23.50cm Weight: 1.542kg ISBN: 9780674396661ISBN 10: 0674396669 Pages: 992 Publication Date: 30 May 1989 Audience: College/higher education , Professional and scholarly , Undergraduate , Postgraduate, Research & Scholarly Format: Hardback Publisher's Status: Active Availability: Out of stock  The supplier is temporarily out of stock of this item. It will be ordered for you on backorder and shipped when it becomes available. Table of ContentsReviewsThis path-breaking volume has had, according to Geoffrey Jones, 'the most profound consequences in the history of multinationals,' by opening up a previously neglected subject area. It bears all the hallmarks of Wilkins's later writing: thorough prior research, and exact scholarship presented in a lively narrative style. -- T. A. B. Corley * Business History * This path-breaking volume has had, according to Geoffrey Jones, the most profound consequences in the history of multinationals, by opening up a previously neglected subject area. It bears all the hallmarks of Wilkins's later writing: thorough prior research, and exact scholarship presented in a lively narrative style. -- T. A. B. Corley Business History This path-breaking volume has had, according to Geoffrey Jones, ‘the most profound consequences in the history of multinationals,’ by opening up a previously neglected subject area. It bears all the hallmarks of Wilkins’s later writing: thorough prior research, and exact scholarship presented in a lively narrative style. -- T. A. B. Corley * Business History * Author InformationMira Wilkins is Professor of Economics at Florida International University. Tab Content 6Author Website:Countries AvailableAll regions |
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