What Are The Impact Of Imperialism

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1. INTRODUCTION
Africa has been a continent that has given birth to many civilizations as well as being the mother of all human races. However as much as it boast its majestic greatness it is not without scars. It has been colonized and stripped off of its resources and people due to imperialism. “Imperial expansion into Africa, costing taxpayers dearly, provided poor and precarious markets (Hobson 1970:152)”. This essay addresses the historical background, Impact of imperialism, and contemporary nature of imperialism on the global economic expansion. This essay will attempt a comparative examination of each theorist’s account of Imperialism. Imperialism can be defined as, “a policy of extending a country’s power and influence through colonization,
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LENIN ON IMPERIALISM Lenin points out five basic feature of imperialism, which this document find useful to mention here.
I. The concentration of production and capital has developed to such a high stage that it has created monopolies which play a decisive role in economic life (Lenin 1910:84).
II. The emerging capital with industrial capital, and the creation, on the basis of this “finance capital” of a financial oligarchy (Lenin 1910:84).
III. Export of capital as distinguished from the export of commodities acquires exceptional importance.
IV. The formation of international monopolist capitalist associations which share the world among themselves (Lenin 1910:84)
V. The territorial division of the whole world among the biggest capitalist powers completely (Lenin
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Hobson’s account of Imperialism pinpoints excess capital as the cause of capitalism: a crisis that could be overcome by social reform. Lenin, however, focuses on the role of finance capital in the over-ripening of capitalism the highest stage of capitalism that will lead to capitalism’s inevitable fall. This essay has thus demonstrated that, notwithstanding their similarities, Hobson and Lenin’s accounts of Imperialism are strikingly different. The goal of both Hobson and Lenin’s accounts of Imperialism was to provide the world with a critical economic rationale for the social phenomenon Imperialism, which they succeeded. Hobson and Lenin’s accounts of Imperialism were unquestionably similar: they both accorded economic concentration to the birth of this social phenomenon; they both understood the importance of monopolies in its growth; they agreed that the world would be split this essay has, however, emphasized two fundamental differences between Hobson and Lenin. Hobson argues that imperialism is a product of capitalism. Capitalism and its profits motive generate over-production, which leads to concentration in
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