Armstrong Economics
The US was bankrupt in 1896 and was the emerging market with cheap labor. People migrated to the US during the 19th century because of (1) all the gold discoveries made people claim the Streets were Paved with Gold, and (2) people could own land whereas in Britain they still clung to long lease where you could never “own” your home. That is how the British lost Hong Kong – a long lease 100 years.
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