the passing of political aloofness, and
the United States entered upon a new era of international relationships.
Possessed of abundant natural resources, and having through a long
period of peace developed a large working capital with which these
resources might be exploited, the United States, at the beginning of the
twentieth century, was in a position to export, to trade and to invest
in foreign enterprises.

The advent of the World War gave the United States a dramatic
opportunity to take a position which she must have assumed in any case
in a comparatively short time. It had, however, one signal, diplomatic
advantage,--it enabled the capitalist governments of Europe to accept,
with an excellent grace, the newly acquired economic prominence of the
United States and to recognize her without question as one of the
leading political powers. The loan of ten billions to Europe; the
sending of two million men at double quick time to the battle front; the
immense increases in the production of raw material that followed the
declaration of war by the United States; the thoroughness displayed by
the American people, once they had decided to enter the war, all played
their part in the winning of the victory. There were feelings, very
strongly expressed, that the United States should have come in sooner;
should have sacrificed more and profiteered less. But once in, there
could be no question either of the spirit of her armies or of the vast
economic power behind them.

When it came to dividing the spoils of victory, the United States held,
not only the purse strings, but the largest surpluses of food and raw
materials as well. Her diplomacy at the Peace Table was weak. Her
representatives, inexperienced in such matters, were no match for the
trained diplomats of Europe, but her economic position was unquestioned,
as was her right to take her place as one of the "big five."

2. _Dividing the Spoils_

The Peace Conference, for purposes of treaty making, separated the
nations of the world into five classes:

1. The great capitalist nations.
2. The lesser capitalist states.
3. Enemy nations.
4. Undeveloped territories.
5. The socialist states.

The great capitalist states were five in number--Great Britain, France,
Italy, Japan and the United States. These five states dominated the
armistice commission and the Peace Conference and they were expected to
dominate the League of Nations. The po