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 Japan itself, it penetrated industry, stock companies, and participated as largest shareholder in the banks. It requires only a glance at the curve of Chinese imports from Japan and Great Britain to convince us of the rapid tempo of advance of Japanese capital in China. Thus in 1870 British imports constituted 37% of the total, Japanese about 2%. In 1923 British imports declined to 18%, Japanese rose to 23%. Thus matters stood when the United States appeared on the scene. In 1910, American imports in China amounted to about 5%, while in 1923 it had already outstripped Great Britain and amounted to 16%. The unsuccessful tariff conference of this year indicates the differences of interest that exist between the United States and Great Britain. Thus e. g. American exports to Asia prior to the war, amounted to only 4,6% of the total, while they rose to 12%, and thereby became a powerful competitor against English trade, which, in addition had been injured by the boycott. What else is there for American imperialism in China, than a policy of the "Open Door"?

The third phase of development of American imperialism begins after the world war of 1914–18, after the economic collapse of Europe which followed this war. The Dawes Plan is a program of the enslavement of European industrial countries by the far stronger American imperialism. American imperialism no longer contents itself with the countries of Asia, but it invades Europe. In addition to Germany, it also "cleaned up" Austria, it prepares "sanitation plans" for French finances, slinks unobserved into Italy, etc.

Each of these three periods of development of American imperialism also found its expression in the foreign policy of the United States. In view of the three expansion trends of the United States—America, Asia, Europe—this foreign policy is extremely complicated. In the struggle for the American continent the United