The facts are by now sufficiently clear for it to be common ground in any discussion of late nineteenth-century imperialism that the British State was disinclined to interfere on behalf of British capitalists with Latin American interests when these were threatened by local firms or States. Equally it is clear that British capitalists did not invest in Argentina in the belief that, by so doing, they were actively assisting the foreign policy of the British State. The State provided no grounds for this belief and no inducement to invest, and had it done so it is unlikely that the capitalists concerned – a pretty liberal bunch by and large – would have responded to any greater extent than they felt was consistent with their economic advantage. Again, there were not, in Britain, territorially ambitious militarists and aristocrats with their sights set on the South American republics. This element was quite adequately catered for in the Empire. In short, the models of imperialism favoured by Hobson, Schumpeter, and other conspiracy theorists, however appropriate they may be in particular cases, cannot be generalized and have very little relevance to Argentina.
Financial Procedure in the State Legislatures