Tendencies of Imperialism with Elemental Force

Saturday, January 9, 2010

Let us repeat in brief the manifestations of the characteristics of imperialism and its quintessence, monopoly in the words of Lenin –

Imperialism is a specific historical stage of capitalism. Its specific character is threefold: imperialism is (1) monopoly capitalism; (2) parasitic, or decaying capitalism; (3) moribund capitalism.

The supplanting of free competition by monopoly is the fundamental economic feature, the quintessence of imperialism. Monopoly manifests itself in five principal forms: (1) cartels, syndicates and trusts – the concentration of production has reached a degree which gives rise to these monopolistic associations of capitalists; (2) the monopolistic position of big banks – three, four or five giant banks manipulate the whole economic life of America, France and Germany; (3) seizure of sources of raw material by the trusts and the financial oligarchy; (4) the partition of the world by the international cartels has begun. There are already over one hundred such international cartels, which command the entire world market and divide it ‘amicably’ among themselves – until war re-divides it. The export of capital, as distinct from the export of commodities under non-monopoly capitalism is a highly characteristic phenomenon and is closely linked with the economic and territorial-political partition of the world; (5) the territorial partition of the world (colonies) is completed.” (Imperialism and the split in socialism)

Today the tendencies of imperialism are working with elemental force. In the 70s the activities of the multinational companies, in particular that of the American ones increased tremendously and with this that of the multinational banks too. This decade witnessed the raise of a phenomenon which as an important bearing on the economic events today and that was the rise of the Eurodollar market. This market came into being with the flight of dollars from the US according to many economists. This was a unique phenomenon. This source of finance was not under the control of any state and many economists have characterized it as stateless money. Though this market appears to be free from the control of any state, it uses the imperialist state machinery to further its own interests.

The rise in the price of petroleum products in the 70s following the decision of the OPEC caused windfall profits to the oil producers which were again deposited in this market. The imperialist banks were thus slush with funds they lent it to the so-called third world for purposes ranging from luxurious consumption of its rulers to real estate development. This was also used for building industries and countries like South Korea industrialized in a big way.

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