在第一次世界大战前，资本只在一个方向流动：从英国这样超额储蓄的富裕国家，流向澳大利亚或阿根廷这样投资需求超过国内储蓄的国家。
Before World War I, capital flowed in one direction: from rich countries with excess savings, such as the United Kingdom, to countries like Australia or Argentina, whose investment needs exceeded domestic savings.