ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

A+| A| A-

Imperialism in the Age of Globalisation

A Theory of Imperialism by Utsa Patnaik and Prabhat Patnaik, New Delhi: Tulika Books, 2016; pp xxviii + 206, 695.

Imperialism in the Twenty-First Century: The Globalization of Production, Super-Exploitation, and the Crisis of Capitalism by John Smith, New York: Monthly Review Press, 2016; pp 382, $28.

Capitalism has always been a worldwide phenomenon and historically, imperialism has been an integral part of its growth. Imperialism has been driven by territorial expansion in search of new economic outlets. The end of colonial rule, therefore, sometimes seems to be the end of imperialism, but that is not necessarily so. In analysing the imperialistic character of capitalism, the writings of Marx (2001 [1962]), Hobson (1902), Hilferding (1981 [1910]), Bukharin (2010 [1915]), Luxemburg (2003 [1913]), and Lenin (2010 [1917]) have been invaluable. While no longer directly applicable in the contemporary phase of imperialismcapitalism, these classical theories are not totally irrelevant either; even though the phenomenology of imperialism has changed, the fundamental parameters of imperialism delineated in the classical works remain central (Baron 2005).

The process of decolonisationfollowed by the coming to power of a dirigiste regime in newly independent countries and by Chinas move towards socialismconstrained the imperialist nature of capitalism. The period from the 1950s to the 1970s was a phase of controlled capitalism and imperialist exploitation. During the 1970s, overproduction and a decline in profitabilityin the global North caused stagflation and a synchronised global recession. Exogenous stimuli were needed to bring the capitalist system out of this twin crisis, and Marxists termed this new set of practices, and this new era, New Imperialism. It is now an established belief among Marxist thinkers that new concepts and categories are needed to understand the contemporary phase of imperialism. The books by John Smith and Utsa Patnaik and Prabhat Patnaik attempt to present the invariant properties of imperialism in the contemporary scenario.

Dear Reader,

To continue reading, become a subscriber.

Explore our attractive subscription offers.

Click here

Or

To gain instant access to this article (download).


Pay
INR 59

(Readers in India)


Pay
$ 6

(Readers outside India)

Published On : 20th Jan, 2024

Support Us

Your Support will ensure EPW’s financial viability and sustainability.

The EPW produces independent and public-spirited scholarship and analyses of contemporary affairs every week. EPW is one of the few publications that keep alive the spirit of intellectual inquiry in the Indian media.

Often described as a publication with a “social conscience,” EPW has never shied away from taking strong editorial positions. Our publication is free from political pressure, or commercial interests. Our editorial independence is our pride.

We rely on your support to continue the endeavour of highlighting the challenges faced by the disadvantaged, writings from the margins, and scholarship on the most pertinent issues that concern contemporary Indian society.

Every contribution is valuable for our future.