7. It has been stated by Kindleberger and others that British foreign lending before the First World War was "counter-cyclical". This means that a. British foreign investors increased their foreign lending when Britain was in recession and reduced lending when the British economy was booming. b. British investors took advantage of the international business cycle to make high profits. c. British investors regarded business cycles as a bad thing because Britain was unable to sell its exports during recessions. d. British governments adopted Keynesian lending policies to reduce the severity of the business cycle