On the whole, then, the military advantage lay definitely with the Americans; but economically they were perhaps the more damaged, for their higher standard of prosperity depended largely on foreign investment and foreign trade. Throughout the American continent there was now real poverty and serious symptoms of class war, not indeed between private workers and employers, but between workers and the autocratic military governing caste which inevitably war had created. Big business had at first succumbed to the patriotic fever, but had soon remembered that war is folly and ruinous to trade. Indeed, upon both sides the fervour of nationalism had lasted only a couple of years, after which the lust of adventure had given place to mere dread of the enemy. For on each side the populace had been
