Historians have so far made few attempts to assess directly the costs and benefits of Britain's investment in empire. This book presents answers to some of the key questions about the economics of imperialism: how large was the flow of finance to the empire? How great were the profits on empire investment? What were the social costs of maintaining the empire? Who received the profits, and who bore the costs? The authors show that colonial finance did not dominate British capital markets; returns from empire investment were not high in comparison to earnings in the domestic and foreign sectors; there is no evidence of continued exploitative profits; and empire profits were earned at a substantial cost to the taxpayer. They depict British imperialism as a mechanism to effect an income transfer from the tax-paying middle class to the elites in which the ownership of imperial enterprise was heavily concentrated, with some slight net transfer to the colonies in the process.The Economics of British Imperialism Lance Edwin Davis, Robert A. Huttenback ... Those imposts are the subject of this chapter. Empire investors found the imperial connection valuable, but some of that institutiona#39;s value depended on the imperial subsidy. Its size was substantial, ... The Empire While most revenues came from taxes, a significant proportion originated in nontax sources (see Chart 8.1).
|Title||:||Mammon and the Pursuit of Empire Abridged Edition|
|Author||:||Lance Edwin Davis, Robert A. Huttenback|
|Publisher||:||Cambridge University Press - 1988-06-24|