The Question of Imperialism: The Political Economy of by Benjamin J. Cohen (auth.)
By Benjamin J. Cohen (auth.)
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Additional info for The Question of Imperialism: The Political Economy of Dominance and Dependence
Example text
Half a century ago Germany was a miserable, insignificant country, as far as her capitalist strength was concerned, compared with the strength of England at that time; Japan was the same compared with Russia. Is it "conceivable" that in ten or twenty years' time the relative strength Classical Imperialism 49 of the imperialist powers will have remained unchanged? Absolutely inconceivable. 18 This was Lenin's celebrated "law of uneven development," perhaps his only original contribution to the study of imperial.
Although the two alternative bases used for rival liberal and marxist explanations were lacking in logical validity, the explanations themselves may have been perceptive. It is possible that imperialist expansion in the real world was motivated by commercial or financial needs, or both. Colonies may have been essential as export markets or as outlets for surplus capital, even if for causes other than underconsumption or the rising organic composition of capital. In other words, it is possible that the conclusions of the various economic theories were right-albeit for the wrong reasons.
How could the system continue to expand if workers lacked adequate purchasing power and capitalists limited their consumption of surplus value because of their ever-present drive for further accumulation of capital? Workers could not be expected to gain more in wages, nor could capitalists be expected to slow down their investments. The threat of overproduction, therefore, seemed chronic, with capitalism incapable of creating a sufficient market for itself within its own framework. The only solution appeared to be to seek markets elsewhere.