stages of A country is Balance of payments(1)

Historically ,the United states has gone through the four stages typical of growth of a young agricultural nation into a well-developed industrialized one . A review of this history is useful to understanding (but may be skipped in a short course ).
1- young and growing debtor nation .From the Revolutionary War until after the civil war,we imported on current account more than we exported .England and Europe lent us the difference in order to build up capital structure . we were a typical young and growing debtor nation .
2- mature debtor nation .from about 1873 to 1914,our balance of trade appears to have become favorable . But growth of the dividends and interest that we had to pay abroad on our past borrowing kept our balance on current account more or less in balance.Capital movements were also nearly in balance ,our new lending just about canceling our borrowing .
3- new creditor nation . in world war I ,we expanded our exports tremendously . At first , private American citizens made loans to the warring allied powers .after we got into the war ,our government lent money to England and France for war equipment and postwar relief needs . we emerged from the war a creditor nation . but our psychological frame of mind had not adjusted itself to our new creditor position .we passed high traffic laws in the 1920s and in 1930 .because we refused to important ,foreigners found it difficult to get the dollars to pay us interest and dividends ,much less repay principal .