ontinent. This dependence upon European capital, of greatly diminishing importance during the last three decades has, of course, now been reversed, and the principal European countries are heavy debtors to the United States.
One other important economic lesson war experience has taught, viz., the vast capacity for increased productivity which every industrial nation possesses, and America especially, in better organization and fuller utilization of natural and human resources. It is evident that, far from the age of great inventions and of mechanical development drawing to a close, we are in the actual process of reaching new discoveries in wealth production, which will make the most famous advances of the nineteenth century mean by comparison. But without drawing upon a speculative future, a better and more systematic application of the knowledge which has been already tested--enlarged production, elimination of waste, and improved business methods--is clearly capable of doubling or trebling the outpu