Note 1 — Chapter XI

The profits from imperialism are only a part of the profits from foreign investment. In an economic sense, England, France, Germany, Holland and Belgium own parts of the United States, and the profits of the Pennsylvania Railroad go largely to Europe as do the profits of Egyptian railways. There is this difference: the United States retains control of the physical property, and can, if it wishes, tax these incomes out of existence, while Egypt can not.