The true logic of American power was articulated between 1899 and 1902 in the three ‘Notes’ in which Secretary of State John Hay first outlined the so-called ‘Open Door’ policy. As the basis for a new international order these ‘Notes’ proposed one deceptively simple but far-reaching principle: equality of access for goods and capital.32 It is important to be clear what this was not. The Open Door was not an appeal for free trade. Amongst the large economies, the United States was the most protectionist. Nor did the US welcome competition for its own sake. Once the door was opened, it
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