Especially is it clear that the non-European world will undergo a powerful change.  The non-European nations are already in the ascendency; more and more they are becoming a strong opposition force to Europe.  Their advance must win tremendous impetus from a war which in every case will weaken seriously the European nations, no matter how it may swing the balance of power among them.

The United States particularly will derive the greatest profit from the struggle.  Without any exertion whatsoever she is already able to control the entire American market, and in the Far East it is possible for her to exercise considerable restraint on her European competitors.  In time she will be in a position to constitute herself the only great money power of that section of the world which employs the use of free capital.  Already there is a colossal stream of European securities flowing to the United States, who is acquiring them at the very lowest prices.  The remedy for the economic wrongs of Europe which will be created by this war as well as the fixing of indemnities will not be possible without the aid of America.  At the very least, the conquered nations will be wholly dependent on American capital.

Next to the United States in this amazingly swift advance stand the nations of Asia and of Islam—­Japan, China, India, Persia, Turkey with her tributary possessions.  The progress of these nations has been considerably hampered by the control—­both financial and military—­exerted over them by the European powers.  In the free States this control has been suddenly lifted; in the dependencies, such as India, Persia, and Egypt, it has been materially weakened, and it will be long before it can again operate with the same force.  We must reckon with the possibility of revolt among these nations and of their entrance into the world war.  Russia, England, France—­these could be considerably weakened by such a turn of affairs.  Colonial policy would then show the obverse side of the medal.  It might well prove a decided source of military and economic strength for Germany that her colonial possessions are relatively unimportant.

World Imperialism Doomed.

The stronger the non-European nations become, the fewer grow the possibilities for a continuation of the policy of empire.  This world war, born in the very midst of imperialism, can readily end in circumstances which knock the supports from under the imperialistic policy.

It may be said similarly of our worldwide preparation for war, that it too has been a direct consequence of imperialism; and our own party has steadily maintained that it would create an atmosphere in which powder would finally go off of itself—­a spontaneous combustion.

The burdens imposed by this war will be so terrible that from the financial point of view it may be extremely difficult if not absolutely impossible when peace shall at length have been concluded to add thereto the burden of renewed preparation for war, especially in the face of competition with America, strong and industrially intact.