The mechanism of extraction of surplus value on an international scale is given concrete expression in different forms of capital export.
The export of capital is either in the form of loan capital export, either in the form of a functioning export (industrial) capital.
When exporting capital loan owner receives income in the form of interest.
Removal of operating capital (investments in industry, trade, etc.) brings its owner an income in the form of dividends or profits.
The difference between the export loan and operating capital is essential. The predominance of one of these forms in many ways defines the characteristics of a country. For example, in England in the first place moved her colonial possessions, which has been linked export of capital. In France, foreign capital has been placed mainly in Europe, especially in Russia (at least 10 billion francs.), Basically it was a loan capital, government loans, and not the capital invested in the industry. Unlike English, colonial, garbage French capital can be termed usury.
After the war, the French banks have lost their position as the leading international lender, giving primacy to U.S. banks. Progressive collapse of the British colonial empire and changed the face of modern English oligarchy. Now, in the removal of the capital of all the major Western countries are more evenly combined loan and industrial forms. But the benefits of that as well as other forms at the same time play a very important role for the monopolies of the countries that use the import of loan capital as a source to enhance the export of its own industrial capital. However, they arrogate to themselves the difference between the interest received on loans, deposits, etc. and higher returns from foreign investments operating capital.
For example, in Germany between the two world wars has received huge loans from the U.S. and other countries and at the same time invest in the industry of Central and Eastern Europe, and Latin America. Income from its industrial investments exceed the amount of interest which she had to pay for their loans.
After the Second World War in the same position was England. She owed to other countries, primarily the United States, a significant amount that exceeded in some years, the volume of its own foreign investment. Meanwhile, the post-war years, revenues from British investments exceeded twice the pay of England's foreign debt is essentially a loan capital investments.
Removal of loan capital varies by maturity, purpose, nature and ensure a subject.
By date, it is divided into a long-term, medium-term and short-term international credit. Loan for a period of more than three to five years is considered long-term, from one to three (sometimes up to five years) - medium-term, less than a year - short-term.
The main form of long-term international credit are international loans. The old, traditional forms of private international loans are primarily loans that provide from its own resources the largest commercial banks in the capitalist world. In the U.S. it is "Chase Manhattan Bank" (New York), "Morgan Guaranty Trust," "Furst neshnel City Bank" (New York City), and others in England - "Barlkleyz Bank", "Lloyds Bank", "Midland Bank ", etc., in France - the" Bank de Paris e de Peng Ba "," Banque de l'Endoshin ", etc., in Germany - the" Deutsche Bank "," Dresdner Bank "," Commerzbank ". Although the share of foreign loans of these banks in the total export of the loan capital over the past decade has fallen, they still play a prominent role in the international arena. For example, in 1956 a group of British banks has provided long-term loan for the construction of India's iron and steel enterprises. At the end of 1958 three of the New York bank issued a loan of $ 200 million to the Government of De Gaulle to help stabilize the currency and the political situation in France. At the end of 1960 the total amount of external loans by U.S. private banks for a period of more than one year, $ 1.7 bln
However, not always private long-term loans granted by the resources of the banks themselves. Banks usually used for this purpose of the numerous major rentier states. This is achieved through the so-called bond loans (or "external issue"). Investment banks take placement (sale) in the money market of the countries of the securities (bonds) issued by foreign private companies or government agencies. And in this case, the creditors are the major Western countries, where there is a developed money market and a considerable surplus of loan capital seeking a more profitable areas. In this operation, the transfer of securities is in the direction opposite to the movement of exported capital. Thus, released in the 50s. government bonds of South Africa have been placed in the money market in the U.S..
The emission deal monopolized few investment banks and banking houses. Before the Second World War it was mainly American, British and French bankers. In the post-war period in this area is almost completely dominated by the leading investment banks and banking houses the U.S., "Morgan Stanley", "First Boston Corporation", "Dillon, Read", "Harriman Ripley," "Lehman Brothers", "Lazard Freres" "Gouldmen, Sachs", etc. In the course of judicial proceedings against these companies, held in New York in the early 50's. revealed that since 1915 they led the banking cartel, which controlled external private issue of the United States, distributed together all the foreign bond issues placed on the U.S. market, the combined forces were pushing competitors. Despite the incriminating documents, the court ruled that banks acquittal for "lack of evidence". Thus, the monopoly of the American Bankers in the emission case remains to this day.
The domination of U.S. investment banks in the placement of foreign loans was maintained through the consortium banks. The latter are agreements to mediate in the placement of foreign loans. The consortium involves a large number of banks. It is headed by one of the largest. Each participant receives a quota on foreign bonds, for his work on placement of the loan is allocated a certain area. The consortium produces brochures with the conditions of the loan, foreign loans are widely advertised to attract to the purchase of foreign bonds of small and medium-sized investor, oversees a network of brokers engaged in the retail sale of bonds.
In 1959, the investment bank, "Morgan Stanley" led consortium which has taken the placement of bonds of the Italian State Corporation for the development of the southern regions of the country. In 1957, the investment bank, "Dillon, Read" organized a bond loan of 12 million dollars for the Japanese paper industry. Most of the activity developed in the postwar period, the bank "First Boston Corporation." In cooperation with the firms' Kuhn, Loeb "and" Lazard Freres "he posted on the U.S. $ 85 million of bonds of the European Coal and Steel Community. Being from the 1959 financial advisor to the Japanese government, "First Boston Corporation" has sold 30 million of its bonds. A little earlier, he also headed the syndicate, secure a loan of $ 100 million Indian Iron and Steel Trust "Tata".
The monopoly of foreign banks in the placement of securities guaranteed them high profits. Banks received a commission, which sometimes develops into 1/12- 1/10 the amount of the loan. This was expressed in the fact that they were calculated with the borrower for the bonds they posted on 90-94% of face value, and have the opportunity to implement them at the rate of 96-100% of nominal. Often, banks would also issue proceeds deriving from the difference between the par value of the securities and their market price. In the event that the bank loan guarantee publishing his fee increase, it gets additional benefits in the form of a guarantee of profit. Not all bonds of foreign loans arranged by banks of other holders. Part of the bond, the most reliable and profitable, they leave themselves, receiving income from interest paid on loans. Interest on foreign loans sometimes as high as 8-10 per annum. For example, the number of loans that were granted U.S. Germany after the First World War, grant of 7-8% per annum.
Up to a certain level of international long-term credit wore mostly private. However, even in the period of monopoly started getting wider and more use of "services" of the state. The state sometimes acted as a guarantor for private loans, ensuring the payment of interest and repayment of the loan.
Of particular importance is the use of the state as guarantor for loans of other states. In this case, borrowers and guarantors are usually economically underdeveloped states to ensure payment of the debt by borrowing part of the revenues (from the state tobacco, salt, alcohol and other monopolies, revenue from customs, railways, etc.).
In recent decades, this form has faded into the background. Monopoly is now used primarily in the state as a direct lender in international relations. The state shifted all the costs associated with the provision of loans, as well as damages in the event of default (bankruptcy of the debtor, and other causes). At a time when intensifying the contradictions and the problem of markets, the export of capital has become one of the major, is especially common external state loan.
International loans vary according to the destination as loans, or loans to the productive nature (industry, transport, agriculture, etc.) and as loans, or loans to unproductive character, ie used for the arms race, the content of the military-police apparatus directly to the war, interest payments on old loans, etc. The share of loans to non-productive nature of the total amount of foreign loans increases.
In addition to providing long-term external credit in international relations as practiced by Western countries export a short-term loan capital, which acts in two main forms: commercial and bank credit and current accounts in foreign banks.
1. And commercial bank credit in international trade. The goods in the global capitalist trade, usually sold under the short-term lending, which aims to accelerate the turnover of capital exporters and increase their rate of profit. The more acute becomes the problem of selling in foreign markets, the more grows and swells short-term financing of foreign trade and increasing its importance in the struggle with competitors in order to gain market share.
Due to the fact that the period of such bank loans does not exceed a few months, and commercial credit available in the form of deferred payment, these loans are almost not reflected in official statistics, the export loan capital.
If short-term debt is liquidated in the course of daily business operations, this defect statistics are not particularly noticeable. However, in times of crisis, when the capitalists are not able to fully pay its obligations, short-term loans are converted into medium-and long-term, and then found a huge gap between the official, reports, and the actual state of affairs. At the end of the 1960 debt of foreign companies to U.S. banks on loans of up to one year, $ 3.6 billion, and at commercial (corporate) loans - about 1 billion
Cost of U.S. short-term loans is high. Leading banks provide such loans of at least 6% per annum. Smaller finance companies that specialize in this field will be taken from 9% or more.
Proprietary loans are most widely used British, West German, French, Japanese companies for foreign expansion. After the war, they offered to foreign firms not only short-term, but even long-term loans of up to five years of 6-10% per annum.
2. Current accounts in foreign banks. This form of companies and banks use to attract mobile capital money in other countries. In addition, the companies of Western countries often have bank accounts in those countries whose markets are particularly interested in them. Current accounts in foreign banks companies use to transfer their money abroad when the country is facing economic, financial and political difficulties, or to political pressure on the government he was evil within their own country. Abroad (Swiss, American and other banks) is also kept their capital bankrupt politicians and adventurers, large currency speculators, and so on. For example, foreign deposits in Swiss banks only in 1961 reached 12 billion francs. (About 2.7 billion U.S. dollars).
For current accounts in foreign banks is characterized by extreme mobility, instability and dependence on the economic and political situation. During the general crisis when the capitalist system loses its stability in the global market there are significant amounts of money capital moving from one country to another in search of a "quiet" place. During the global economic crisis of 1929-1933. Short-term loan capital flows away from Austria, Germany, England, the U.S., increasing the effect of the crisis in the credit. In the 1935-1937 years. especially increased "flight" of capital from France to undermine the activities of the Popular Front, which collaborated communists, socialists and other political parties and groups. Before the Second World War, large cash capital transferred from Europe across the ocean - in the U.S. and Latin America.
In the late 40's and 50's. there was a large outflow of capital from France to Switzerland and the United States. After establishing in 1958 the autocratic regime of de Gaulle much of this capital back to the Paris banks ("the repatriation of capital"). In the second half of 1960 due to a sharp deterioration in the U.S. balance of payments and the decline of the U.S. economy foreign investors began to panic and en masse to withdraw their money from a New York bank ("flight from the dollar").
Foreign accounts in banks (assets) are often used by States to exploit the economically underdeveloped countries. During the Second World War and after the England "frozen" (ie spend banned) accounts of their colonies, dominions and other countries in the London banks formed as a result of growth in the supply of these goods to England. Sterling holdings increased from 1939 to 1946 by 7.5 times. These "frozen" amount - neither more nor less than the cost of direct underpayment of goods supplied dependent on England states. In 1947, of £ 3.3 billion. Art. "Frozen" sterling accounts only two countries - India and Egypt - had 1,690,000,000 f. Art., ie more than 50%. In mid-1961 Sterling holdings amounted to more than $ 10 billion
After the Second World War greatly increased foreign deposits in U.S. banks. At the end of 1949 they amounted to more than $ 5 billion, and in the middle of 1961 - more than 10 billion Some economists, citing the fact, tried to prove that the U.S. role as an international lender has dropped substantially.
However, they are arbitrarily combined long-term and short-term investments, glossing over the fact that the short-term foreign investments in the United States, numbering billions of dollars and require only modest interest payments to investors, there is a net addition to the banking capital