IMPERIALISM: A STUDY. By J. A. HOBSON. London, 1902, 400 p.
IT IS now roughly fifty years since the beginning of that great outburst of expansive activity on the part of the Great Powers of Europe which we have come to call "imperialism." And it is about a generation since J. A. Hobson published his "Imperialism: a Study," a book which has served as the starting point for most later discussions and which has proved a perennial inspiration for writers of the most diverse schools. A reappraisal of it is therefore decidedly in order. The wonder is that it has not been undertaken sooner.
Since before the outbreak of the World War the theoretical writing on imperialism has been very largely monopolized by the so-called Neo-Marxians, that is, by those who, following in the footsteps of the master, have carried on his historical analysis from the critique of capitalism to the study of this further phase, imperialism, the significance of which Marx himself did not appreciate and the very existence of which he barely adumbrated. The Neo-Marxians, beginning with Rudolf Hilferding and Rosa Luxemburg, have by this time elaborated a complete theory, which has recently been expounded in several ponderous German works. The theory hinges upon the idea of the accumulation of capital, its adherents holding that imperialism is nothing more nor less than the last stage in the development of capitalism -- the stage in which the surplus capital resulting from the system of production is obliged by ever diminishing returns at home to seek new fields for investment abroad. When this surplus capital has transformed the whole world and remade even the most backward areas in the image of capitalism, the whole economic-social system will inevitably die of congestion.
That the classical writers of the socialistic school derived this basic idea from Hobson's book there can be no doubt.[i] Lenin himself admitted, in his "Imperialism, the Latest Stage of Capitalism," that Hobson gave "a very good and accurate description of the
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