Americans had sought a favorable balance of trade since 1876 (Suzara). An economic boom, in which America’s gross national product quadrupled, “transformed America into the biggest granary on earth, a foremost manufacturer of consumer goods and a major producer of coal, iron and steel.” (Karnow 89) Because America was still a developing country, it attracted many foreign investors while very little was invested abroad (Karnow 82). In order to balance out this unequal flow of funds, America had to make its exports exceed its imports (Karnow 82). By 1895, foreign business had drawn near the 2 billion mark and the export of manufactured goods was increasing the fastest of all (Wolff 12). While most of the production – over 90 percent – was consumed in America, foreign markets were still very important. Americans feared that its increasing production would far exceed its consumption. The solution was to ensure that there would always be a market for its surplus products. This meant the necessity for more foreign markets (Pomeroy 18-20). Richard E. Welch corroborates this in his book “Response to Imperialism: The United States and the Philippine-American War, 1899-1902”:


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