320 v 380 billion

Doug Henwood dhenwood at panix.com
Fri Aug 25 09:43:21 MDT 1995

At 6:56 AM 8/25/95, Chris Burford wrote:

>British foreign investments (eg shares and securities) at #320 billion,
>almost equal foreign investments of the USA at #380 billion - 84% of
>the US figure.
>It seems remarkable, but is it without power implications, because it
>is merely rentier capital?

I think this wad of internationally oriented money capital is the reason
that Britain is taken more seriously in international diplomacy than would
be warranted by conventional indicators of economic and politico-military
strength. It's a smaller economy than Italy's, and probably has fewer
internationally competitive manufacturers than Italy or France, but what
the Bank of England is up to, or what British portfolio managers are doing
with their funds, or what the Chancellor has said on African debt relief
actually make news.



Doug Henwood
[dhenwood at panix.com]
Left Business Observer
250 W 85 St
New York NY 10024-3217
+1-212-874-4020 voice
+1-212-874-3137 fax

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