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Evaluate the macroeconomic and structural effects of overseas investment during the period 1870-1913 Over the period 1870-1913, Britain invested an extensive amount of capital overseas. While it is not clear whether funds were "pushed" abroad by low domestic returns or "pulled" by high overseas returns, this substantial capital export was a noticeable feature of the UK economy, constituting approximately 4% of GDP per annum out of a total capital formation of 12%. The main recipients countries were the Empire, the US and South America while the main sectors were transport, public works and utilities. There has been debate over whether these funds would have been better put to different uses, namely domestic investment; in this essay we shall evaluate what the effect this accumulation of overseas asset had on Britain's macroeconomic and structural condition. According to Rowthorn and Solomou, overseas income as a proportion of GDP rose from 2% in 1872 to...

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