Note 80 — Chapter IV

I am ashamed to say that when I wrote these chapters I had not read Mr. H. N. Brailsford's War of Steel and Gold. But Mr. Brailsford's brilliant examination of the connection between War and Finance is quite consistent with my supplementary theory of War and Trade. "Trade supplies no explanation of Imperialism," says Mr. Brailsford (p. 75). It does, in so far as Traders support Imperialism because they think it is good for Trade: while financiers, as Mr. Brailsford shows, support Imperialism because they know it is good for investments.