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Full referenceAmerican capital for China: The New International Corporation (1916)
TypeJournal article
TitleAmerican capital for China: The New International Corporation
JournalPeking Daily News
Start page5
Date publication1916
KeywordsUnited States; corporation; international; China; capital; world market; finance; engineer; assistance; association; family; New York; bank; land; investment; institution

Reports the organization in New York late November 1915 of a new corporation named the American International Corporation, and summarizes its working plan according to its preseident, Charles A. Stone. One of its remarkably new purpose is to create a world market for American products. Considered by the Journal of the American Asiatic Association as "a considerable event for the future of the financial and commercial enterprise of the United States in China". Observes that such a corporation favors the extension of American influence in China by offering many advantages to American firms that plan to do business in China (lease, franchises, privileges, immunities, concessions...). Emphasizes the fact that this coporation is primarily a financing instrument, and is not itself going after trade. 

"It has been organized for the purpose of doing an international business, and to promote trade relations with the different countries which will help make a world market for our products ; for the financing and promoting the development in foreign countries by American engineers and manufacturers of great public and private undertaking ; for the assisting in financing the rehabilitation of industries in foreign countries ; for the purpose of undertaking such domestic business as seems advantageous in connexion therewith." 


Is this new American corporation a late avatar of 19th-century "haute finance" - described by Polanyi as the unevitable regulating institution, in charge of maintaining the balance of powers, peace and free trade in cooperation with the Concert of nations from the 1890s to the 1920s (Polanyi, 1944 (2001): 10-11)? Or is it a truly new kind of institution, that reveals the beginning of the new market economy regime? 

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