America’s Influence on World Finance

William Woodruff
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William Woodruff: University of Florida

Chapter Chapter IV in America’s Impact on the World, 1975, pp 68-103 from Palgrave Macmillan

Abstract: Abstract The fact that the West came to look upon money as a sign of God’s providence (in contrast to the ancient view that regarded money as barren) greatly assisted the accumulation of western wealth. In all the great works of antiquity, the crucial factor was not wealth but labour (which, according to the labour theory of value, some people equate with capital). One has only to look at the great public works in China and India to realise that, for many people in the world, labour, unassisted by machines and capital equipment — ant-like in its teeming thousands — was and still is the crucial factor.

Keywords: Foreign Investment; Trade Credit; Money Market; Portfolio Investment; Business Investment (search for similar items in EconPapers)
Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-02065-2_4

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DOI: 10.1007/978-1-349-02065-2_4

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