After World War I, while their Government pursued a policy of political isolation, U. S. businessmen took to the high seas, developed industries abroad, sent their sweat home in dividends. By 1938 the U. S. had $1,350,000,000 of direct investments (mostly in subsidiaries of American corporations) in Europe alone. Meanwhile, as Hitler knocked the ethical props from under European capitalism, most U. S. businessmen in Europe were ready to clear out if they could take their shirts with them.
One of the worst hit was International Telephone and Telegraph Co., caught off side in Rumania, Norway, France, etc. In 1930 I....
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