First, it’s necessary to try to define the term imperialism. Lenin held that imperialism was the highest stage of capitalism, an unavoidable consequence of the financial might and monopolisation by the western world: “Imperialism is a specific historical stage of capitalism. Its specific character is threefold: imperialism is monopoly capitalism; parasitic, or decaying capitalism; moribund capitalism. The supplanting of free competition by monopoly is the fundamental economic feature, the quintessence of imperialism.” (Lenin, 1916, p1). He argued that imperialism was the evolution from competitive capitalism into monopolistic/oligopolistic capitalism as corporations merged and outgrew their domestic markets, spreading across the globe in search of new markets and territories to exploit. Lenin defined his theory of capitalism in five points: “… 1) the concentration of production and capital has developed to such a high stage that it has created monopolies which play a decisive role in economic life; 2) the merging of bank capital with industrial capital, and the creation, on the basis of this “finance capital,” of a financial oligarchy; 3) the export of capital as distinguished from the export of commodities acquires exceptional importance; 4) the formation of international monopolist capitalist combines which share the world among themselves, and 5) the territorial division of the whole world among the biggest capitalist powers is completed. Imperialism is capitalism in that stage of development in which the dominance of monopolies and finance capital has established
First, it’s necessary to try to define the term imperialism. Lenin held that imperialism was the highest stage of capitalism, an unavoidable consequence of the financial might and monopolisation by the western world: “Imperialism is a specific historical stage of capitalism. Its specific character is threefold: imperialism is monopoly capitalism; parasitic, or decaying capitalism; moribund capitalism. The supplanting of free competition by monopoly is the fundamental economic feature, the quintessence of imperialism.” (Lenin, 1916, p1). He argued that imperialism was the evolution from competitive capitalism into monopolistic/oligopolistic capitalism as corporations merged and outgrew their domestic markets, spreading across the globe in search of new markets and territories to exploit. Lenin defined his theory of capitalism in five points: “… 1) the concentration of production and capital has developed to such a high stage that it has created monopolies which play a decisive role in economic life; 2) the merging of bank capital with industrial capital, and the creation, on the basis of this “finance capital,” of a financial oligarchy; 3) the export of capital as distinguished from the export of commodities acquires exceptional importance; 4) the formation of international monopolist capitalist combines which share the world among themselves, and 5) the territorial division of the whole world among the biggest capitalist powers is completed. Imperialism is capitalism in that stage of development in which the dominance of monopolies and finance capital has established