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.

Focusing on the great population movement of British emigrants before 1914, this book provides a perspective on the relationship between empire and globalisation. It shows how distinct structures of economic opportunity developed around the people who settled across a wider British World through the co-ethnic networks they created. Yet these networks could also limit and distort economic growth. The powerful appeal of ethnic identification often made trade and investment with racial 'outsiders' less appealing, thereby skewing economic activities toward communities perceived to be 'British'. By highlighting the importance of these networks to migration, finance and trade, this book contributes to debates about globalisation in the past and present. It reveals how the networks upon which the era of modern globalisation was built quickly turned in on themselves after 1918, converting racial, ethnic and class tensions into protectionism, nationalism and xenophobia. Avoiding such an outcome is a challenge faced today.

First published in 1984. Routledge is an imprint of Taylor & Francis, an informa company.

The Crown Agents Office played a crucial role in colonial development. Acting in the United Kingdom as the commercial and financial agent for the crown colonies, the Agency supplied all non-locally manufactured stores required by colonial governments, issued their London loans, managed their UK investments, and supervised the construction of their railways, harbours and other public works. In addition, the Office supervised the award of colonial land and mineral concessions, monitored the colonial banking and currency system, and performed a personnel role, paying colonial service salaries and pensions, recruiting technical officers, and arranging the transport of officers, troops and Indian indentured labour. In this important book, the first in-depth investigation of the Agency, David Sunderland examines each of these services in turn, determining in each case whether the Crown Agents' performance benefited their clients, the UK economy or themselves. His book is thus both an account of a remarkable and unique organisation and a fascinating examination of the "nuts and bolts" of nineteenth-century development. David Sunderland is Reader in Business History, Greenwich University.

A survey of the Crown Agents during a turbulent and eventful period.

This book, the product of a unique international scholarly collaboration sponsored jointly by the American Council of Learned Societies and the Soviet Academy of Sciences, provides a comprehensive survey on international banking from 1870 to 1914. In that period international investment reached dimensions previously unknown, and the banking systems of the world achieved a degree of internationalization without precedent. The book's authors, twenty-five scholars from fifteen countries, are the acknowledged experts in their fields. They detail the origin and development of internationally oriented banks in each major country, and explain their role in foreign investment and industrial finance. They look at all areas of the world that were involved in international investment, either as investors, recipients of investment, or both. The definitive work on international banking from 1870 to 1914, this book will interest scholars and students in financial and banking history, bankers and economists in the finanical industry, and general historians.