The Lion and the Eagle

As The primary source of surplus capital after the war, the United States was in a delicate position. Almost all the victorious Allies in Europe wanted direct access to American capital under conditions which would allow them either to establish closed door empires or to revitalize empires already in existence. Had the United States joined the League of Nations in 1920, the European powers undoubtedly would have been in a position to nail shut the door in many areas of the world, while at the same time adhering to a formal recognition of the open door out of deference to