In the nineteenth century Russia and the United States emerged as nations on the periphery of the West European economic and political vortex. Their relations with each other had been, for the most part, prompted by or integrated with some larger issue involving the powers of Western Europe. Economic relations were no exception. Both nations were traditionally exporters of raw materials to industrialized, urbanized nations, which in turn were prepared and eager to exchange manufactured goods

more »

... raw materials. Russian and American products were therefore competitive rather than reciprocal, and profitable mutual exchange of goods had not developed. Both nations were debtor nations and had relied on the surplus capital of the small and large investors of Western Europe to provide the beginnings of internal transportation and industrialization.