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So if France invests in Russia like happened prior to WWI, what are the advantages for France? They aren't the sphere leader so they wouldn't get market share. Russia is a GP so it doesn't fall under the influence system. There aren't any dividends on the investment. What's the benefit here?

It's a strategic benefit more than an economic one: France will buff an enemy of its main enemy. The human player almost always wins wars (unless seriously outnumbered, but hardly happens playing a GP) and doesn't really need it, but acting in this terms would be logical and strategically wise.
 
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It seems like it should develop trust as well, so GPs can develop trust amongst themselves and will respect CTAs and perhaps get relationship events based upon these investments that could draw the investee to political policies closer to the investor. So if I invest in Russia as France perhaps he will go to war with Germany when I ask him to, and he'll be more likely/able to pass political reforms that resemble mine.

Of course there could also be exploitation events and policies of the investor country that sour relations with the investee.
 
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1. Who can subside (if they can) an unprofitable factory?
2. Can you prioritize foreign factories?
3. Can you close foreign factory as the host country? For example, a foreign country keep building cement factory witch I don't want.
4. Can you close foreign factory as the investor? For example, if Belgium is in France SOI and they have a small arm built by Prussia, could Prussia close it to have an advantage over France in case of war?
 
1. only host can subsidise
2. host can, not the investor.
3. yes
4. no, once you have invested the host country has control over the factory. You can re-open factories, but it requires further investment