Lenin, Vladimir Il Ich. (1996). Imperialism: The Highest Stage of Capitalism: Pluto Press.
This text, originally published in 1916, explains a historical materialist perspective on the imperialism of the early twentieth century. Lenin describes how imperialism is a late, in his word “moribund” stage of capitalist development that came about after the monopolization of production domestically and the need to search for markets abroad. This eventually led to the partition of the globe into different spheres of economic and political influence which also contributed to imperialist wars either between different imperial powers or to subdue native populations.
The first chapter of this book is used to outline the beginning development of late capitalist production’s tendency towards monopolization. “The enormous growth of industry and the remarkably rapid process of concentration of production in ever-larger enterprises represents one of the most characteristic features of capitalism” (11). Enterprises grow, eat other enterprises and eventually become monopolies. These grow into cartels and these cartels eventually grow and become imperial in nature. Another characteristic of this production is that it has become social—the factory has grown to the size of a corporate, social endeavor—however, the “appropriation remains private” (20).
The second chapter is dedicated to the new role of the bank in this late capitalist development. However, because this industry also has a tendency to monopolize, “they become powerful monopolies having at their command almost the whole of the money capital of all the capitalists and small businessmen and also a large part of the means of production and of the sources of raw materials of the given country and in a number of countries” (27). This development both highlights and promotes the next driver of imperialism that Lenin highlights: that of finance capital.
Chapter 3 is dedicated to this factor. “Capitalism, which began its development with petty usury capital, ends its development with gigantic usury capital” (52). Countries are now able to, with the power that they wield through their consolidated banks and finance capital, sit back and lend money to industry which goes out and invests and is productive. The financier sits back and reaps the rewards while having not produced anything.
Chapter 4 looks at the process of exporting capital abroad. “Under the old capitalism, when free competition prevailed, the export of goods was the most typical feature. Under modern capitalism, when monopolies prevail, the export of capital has become the typical feature” (61). Lenin also criticizes those who would like to redistribute the profit to those who are less well off. He says that, “…if capitalism did these things it would not be capitalism; for uneven development and wrenched conditions of the masses are fundamental and inevitable conditions and premises of this mode of production. As long as capitalism remains what it is, surplus capital will never be utilized for the purpose of raising the standard of living of the masses in a given country, for this would mean a decline in the profits for the capitalist” (62).
The next chapter is titled, “The division of the world among capitalist combines”. The word “combine” here should be read as the word “cabal”. At this even higher stage of capitalist production, “we see plainly here how private monopolies and state monopolies are bound up together in the age of finance capital; how both are but separate links in the imperialist struggle between the big monopolists for the division of the world” (72-3).
The next chapter deals with the colonial division of the globe by the superpowers of Lenin’s time. He makes a point that there is a deterministic link between the movement from monopoly capitalism, to finance capitalism and then to colonialism (79). He also highlights how different proletariat groups are united under their imperialist flag, and against the internationalist cause (80). While colonialism has existed at least since the Romans, this is the first time that all of the raw materials were held in the hands of so few private interests.
Chapter 7 is about imperialism and how it represents a unique stage in the development of capitalism. The briefest definition of imperialism by Lenin is that of monopoly capitalism, but this is too parsimonious. He lists 5 characteristics: 1. concentration of production in monopolies; 2. merging of bank and industrial capital; 3. export of capital; 4. international capitalist monopolies dominate and divide globe; 5. territorial separation of world by capitalist powers. (90). This then leads to a struggle amongst existing world imperial powers and newly arrived imperial powers (see
Chapter 8 regards the decay of capitalism, and highlights an earlier theme of laziness and usury. There is, in Lenin’s eyes, a tendency to stagnation and decay. Chapter 9 is a critique of imperialism focusing on its ineffectual nature. Chapter 10 places imperialism in a historical context and argues against other theorists who do not conform to Lenin’s theoretical framework.
