|Capitalists have the tendency to move towards those countries in which there is plenty of labor available and at which labor is reasonable. And by the fact that they bring capital into these countries, they bring about a trend toward higher wage rates.
|The enormous transfer of capital from Western Europe to the rest of the world was one of the outstanding events of the age of capitalism. It has developed natural resources in the remotest areas. It has raised the standard of living of peoples who from time immemorial had not achieved any improvement in their material conditions.
|This throttling of international credit can hardly be remedied otherwise than by setting aside the principle that it lies within the discretion of every government . . . to stop paying interest to foreign countries and also to prohibit interest and amortization payments on the part of its subjects.
||Theory of Money and Credit, The