Jules Ferry, twice premier of the French Third Republic between 1880 and 1885, clearly expressed the views of the New Imperialists. He linked French colonial policy with national prosperity and social stability. The lack of an effective policy creating or locating markets for Europe's industrial goods could breed revolution by depressing wages (because of oversupply of products) and creating labor unrest, yet he also saw clearly that imperialism was rooted in international competition, and, despite the necessity for every successful nation to have a colonial policy, portended war.

Colonial policy is the child of the industrial revolution. For wealthy countries where capital abounds and accumulates fast, where industry is expanding steadily, where even agriculture must become mechanized in order to survive, exports are essential for public prosperity. Both demand for labor and scope for capital investment depend on the foreign market. With the arrival of the latest...