The Americans and the British are hated in the economically underdeveloped countries because they have provided the capital for investments the inhabitants were not able to provide. Every account of the history of modern culture must first of all distinguish between two groups of nations, viz. The great age of foreign investment came to an inglorious end when the 20th century's doctrinaires were no longer prepared to see any difference between the devastation of a country by military action and the investment of foreign capital for the construction of factories and transportation facilities. Each of these two entirely different procedures is called conquest and imperialism. No wonder, that the eagerness to invest in foreign countries disappeared.
Foreign aid tries now to fill the gap.
It made the industrial countries of Western and Central Europe and North America adopt conceptions the application of which must sooner or later result in the complete cessation of any voluntary saving and capital formation on the part of individual citizens. Or, in other words, output per man-hour of work. The employers as a rule neither question this concept of productivity of labor nor do they contest the resulting claims of the unions. They accept it implicitly in occasionally pointing out that wage rates have already risen to the extent of the increase in productivity, computed according to this method. It is obvious that the theory underlying this doctrine radically misconstrues the essential facts about industrial production.