Stalin: Volume I: Paradoxes of Power, 1878-1928

by Stephen Kotkin

In 1860, the value of Southern slaves was three times the amount invested in manufacturing or railroads, representing more capital than any other American asset except land, but instead of the slave-based, cotton-growing South, the industrial North triumphed. Between 1870 and 1900, the reunited U.S. economy industrialized and tripled in size (with assistance from mass immigration from non-English-speaking, non-Protestant societies), producing a spectacular surge that eclipsed even the booms in Germany and Japan as the U.S. share of global output soared to nearly 30 percent. This American economic colossus, despite American colonial wars in the Philippines and Cuba, remained as yet mostly apart from world politics. Still, U.S. power had begun to loom over the world system, and would prove decisive in it.