"When their ventures caused local conflict or financial distress, the investors portrayed them as ‘imperialism’"
From Timothy Mitchell’s Carbon Democracy:
"The continuous expansion of imperial rule, and the increasing military expenditure this required, were not the result of psychological or racial drives, as orthodox British opinion held. They were driven by the needs of those who, in distinction to manufacturers and merchants, were now known as ‘capitalists’: financiers and large banking houses, unable to find profitable investments at home – because, in Hobson’s analysis, the majority of the population earned too little to create a demand for additional goods. Finance capital instead flowed overseas, investing funds in mining and other capital-intensive methods of producing raw materials, and in building the railways required to carry these materials for shipment back to Europe. When their ventures caused local conflict or financial distress, the investors portrayed them as ‘imperialism’ and used their influence in the offices of state to have public funds spent on military protection for these supposedly public interests."