Monday, February 24, 2014

Imperialism the highest stage of capitalism
I am pleased there is a Kindle edition of this Marxist classic. It is an illustration of the old adage that the last capitalist on earth will sell you the rope to hang the second-to-last.

In one sense, Lenin's work is dated. A lot has happened in the last hundred years! On the other hand most of what has happened seems to confirm Lenin's analysis:

1) The concentration of production and capital developed to such a high stage that it created monopolies which play a decisive role in economic life. Most of the economy of countries like Australia is dominated by giant corporations and "Free Enterprise" is a myth or a sick joke.

2) The merging of bank capital with industrial capital, and the creation, on the basis of this "finance capital," of a "financial oligarchy." The authors of the present financial disaster being the unrestrained and irresponsible bankers.

3) The export of capital, which has become extremely important, as distinguished from the export of commodities.

4) The formation of international capitalist monopolies which share the world among themselves. Many of them have turnovers greater than the GDP of nation states.

5) The territorial division of the whole world among the greatest capitalist powers is completed. You can count the number of imperial conquests taking place at the present time (Iraq and Afghanistan today - perhaps Syria and Iran tomorrow?)

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