[Marxism] Bourgeois tasks

James Zarichny zarichny at yahoo.com
Wed Oct 19 23:35:38 MDT 2005

Jim Farmelant wrote:
"Prior to the Civil War, British investors were a
major source of capital for the Northern factories."

My comment:
Heavy British investment in U.S. factories and
railroads continued right up to the outbreak of World
War I.  It is estimated that at the outbreak of the
war, 25% of American factories and railroads were
British owned.  Beatrice Webb's father was a major
stockholder in the Grand Trunk Railroad. The bulk of
the funding for the Fabian Socialist movement came
from Grand Trunk profits.  The British liquidated
their holdings during world War I to pay for
ammunition and other war material.  By the end of the
war, most British assets in the U.S. were gone and the
British government was deeply in debt to American
banks. (Please don't ask me for citations.  I am
repeating this from memory based on the study group
half a century ago.)
         Jim Zarichny  

Yahoo! Mail - PC Magazine Editors' Choice 2005 

More information about the Marxism mailing list