New Thinking about the Marker, 1896–1904: Some American Economists on Investment and the Theory of Surplus Captial

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Abstract
Some neglected turn-of-the century American economists, who influenced or participated in the formation of U.S. foreign policy, argued that modern capitalism tended toward recurrent crises as a result of oversaving and surplus capital. These economists held that the construction of an international investment system offered a partial solution to the surplus-capital problem. Focusing on China, U.S. foreign policy at the outset of the twentieth century sought to install the gold-exchange standard in monetary relations between industrial and nonindustrial countries as a condition of such an international investment system.

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