In 1917 Lenin published a penetrating analysis of...

“In 1917 Lenin published a penetrating analysis of the development of capitalism, Imperialism: The Highest Stage of Capitalism. In it he described how the emergence of finance and monopoly capital enabled the great powers to exploit colonial empires, exporting finance capital to the periphery, while super-profits accruing to the capitalist center permitted the bribing of a very narrow labor aristocracy who could divert revolutionary action from the center’s working class along reformist lines. The theory pointed to the emergence of new revolutionary potential in the world classes of the colonial world as they struggled to overthrow both colonialism and the capitalist imperialism underlying it; thus, imperialism contained within it the seeds of its own destruction. This theory fit well the emergence of national liberation struggles in the colonial world through the mid-1970s. However, from 1970 onward we have seen developments in the structure and praxis of capitalism which call into question whether the underlying model fits the current stage of capitalist development. Among these developments four are particularly characteristic: the hyperfinancialization of capital, the fusion of ownership and management at the highest levels of capital, capitalism’s cannibalization of invested public labor through privatization recapitulating key facets of the earlier process of primitive accumulation, and the emergence of external, environmental constraints on capitalism’s ability to accumulate and reproduce.”

— Beyond Imperialism? Have We Reached a New Stage of Capitalism? (via psych0-tropic)
(via sarahlee310)
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