Thus the second phase of the war, really a second war, goes on as I write. In this phase, with most of the strategic European base consolidated, the effect is to wreck capitalists and capitalist institutions abroad—in the first instance, the British Empire, greatest and most typical capitalist institution. Interestingly enough, this phase thus begins before the task of reducing the German home capitalists to impotence is finished. Such overlappings are common in history.
