The German economist, Heymann, probably the first to call attention to this matter, describes the essence of it in this way: The head of the concern controls the principal company (literally: the ‘mother company’); the latter reigns over the subsidiary companies (‘daughter companies’) which in their turn control still other subsidiaries (‘grandchild companies’), etc. De Zwarte Dood: de pandemie die de wereld veranderde. This commitment, amounting to nearly treble the capital of the ‘mother company’, was never mentioned in its balance sheets. [14], "Imperialism, The Highest Stage of Capitalism, The Accumulation of Capital: A Contribution to an Economic Explanation of Imperialism, http://www.fordham.edu/halsall/mod/1916lenin-imperialism.html#bm3, http://www.fordham.edu/halsall/mod/1916lenin-imperialism.html, Imperialism: The Highest Stage of Capitalism, https://www.marxists.org/archive/lenin/works/1916/imp-hsc/pref02.htm, Imperialism, the Highest Stage of Capitalism, Two Tactics of Social Democracy in the Democratic Revolution, The Right of Nations to Self-Determination, The Proletarian Revolution and the Renegade Kautsky, "Left-Wing" Communism: An Infantile Disorder, https://en.wikipedia.org/w/index.php?title=Imperialism,_the_Highest_Stage_of_Capitalism&oldid=977479838, Wikipedia articles with WorldCat-VIAF identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 9 September 2020, at 02:57. Imperialism, the Highest Stage of Capitalism - Vladimir Lenin.jpg . The author calculates that of the total of 8,235 million roubles of functioning capital, 3,687 million roubles, or over 40 per cent, fall to the share of the Produgol and Prodamet syndicates[2] and the syndicates in the oil, metallurgical and cement industries. 667-766 First Published: Early 1917 Vladimir Lenin Imperialism The Highest Stage of Capitalism Written: January — June, 1916 Source: Selected Works, Volume 1, pp. [9] He proposed that revolution would extend to the advanced (industrial) capitalist countries from the underdeveloped countries, such as Tsarist Russia, where he and the Bolsheviks had successfully seized political command of the October Revolution of 1917.
Speculation in land situated in the suburbs of rapidly growing big towns is a particularly profitable operation for finance capital. 476.) (By encirclement is meant the policy of Edward VII to isolate Germany and surround her with an imperialist anti-German alliance.) ), (3.2) Average Annual Profits on the Issue of Industrial Stock, “In the ten years from 1891 to 1900, more than a thousand million marks were ‘earned’ by issuing German industrial stock.” (Stillich, op. If you want more information about joining the IMT, fill in this form. #EndSARS: Nigerian masses on the move – end capitalist oppression and exploitation! Division of the World Among the Great Powers, 7. Solidarity Center 1305 Franklin St #411 Oakland, CA 94501.

Hence, I was not only forced to confine myself His masterpiece, Imperialism: The Highest Stage of Capitalism, is an immortal monument to his work in the vital field of theory. or other regions peopled by non-Great Russians, for Korea. In 1911, Eschwege, the contributor to this same magazine to whom I have already referred, wrote an article entitled ‘Plutocracy and Bureaucracy’, in which he exposed, for example, the case of a German official named Völker, who was a zealous member of the Cartel Committee and who, it turned out some time later, obtained a lucrative post in the biggest cartel, the Steel Syndicate. The essay is a synthesis of Lenin's modifications and developments of economic theories that Karl Marx formulated in Das Kapital (1867). 268-69. This omission was quite legal and could be hushed up for two whole years because it did not violate any point of company law. The core–periphery expression originated in dependency theory, whose proponents Raúl Prebisch, Andre Gunder Frank and Fernando Henrique Cardoso proposed that countries and colonies become peripheral zones because they specialize in the low tech and labor-intensive activities, including the supply of raw materials and cheap labor to core zone areas, and thus become "underdeveloped" through unequal exchange mechanisms consequent to colonization and/or imperialism. A. Hobson's work, Lenin understood capitalism as world system of unequal development that created the reformist labor aristocracy in industrial countries: Capitalism has grown into a world system of colonial oppression and of the financial strangulation of the overwhelming majority of the population of the world by a handful of ‘advanced’ countries.

), The extraordinarily high rate of profit obtained from the issue of bonds, which is one of the principal functions of finance capital, plays a very important part in the development and consolidation of the financial oligarchy. After the First World War, he added a new Preface (6 July 1920) for the French and German editions, which was first published in the Communist International No. Share capital was issued to the amount of nearly 40 million marks and the market price of the shares rose to 170 after it had paid a 12 per cent dividend for its first year. principal English work on imperialism, the book by J.

In the ‘reconstruction’ of undertakings which have been running at a loss, “the share capital is written down, that is, profits are distributed on a smaller capital and continue to be calculated on this smaller basis. cit., p. ), A monopoly, once it is formed and controls thousands of millions, inevitably penetrates into every sphere of public life, regardless of the form of government and all other ‘details’. ‘American ethics’, which the European professors and well-meaning bourgeois so hypocritically deplore, have, in the age of finance capital, become the ethics of literally every large city in any country. The supremacy of finance capital over all other forms of capital means the predominance of the rentier and of the financial oligarchy; it means that a small number of financially ‘powerful’ states stand out among all the rest. Imperialism as a Special Stage of Capitalism, [Classics] Fascism: What it is and how to fight it. [4] The Berlin street where the head office of the Deutsche Bank is situated.–Ed. compressed in an iron vice on account of the censor. Neymarck estimates the total amount of issued securities current in the world in 1910 at about 815,000 million francs. Usually a borrowing country does not get more than 90 per cent of the sum of the loan, the remaining 10 per cent goes to the banks and other middlemen. Four of the most powerful banks enjoy, not a relative, but an “absolute monopoly” in the issue of bonds. It is out of the question. “Fifty persons, representing a capital of eight million francs, can control 2,000 million francs deposited in four banks.” The ‘holding system’, with which we are already familiar, leads to the same result. side of the bourgeoisie; that this split in the working-class The extent to which this ‘holding system’ has developed in the big Russian banks may be judged by the figures given by E. Agahd, who for fifteen years was an official of the Russo-Chinese Bank and who, in May 1914, published a book, not altogether correctly entitled Big Banks and the World Market. (K. Heinig, ‘Der Weg des Elecktrotrusts’ in Die Neue Zeit, 1912, p. In twenty-two years, it had increased its capital more than tenfold. Lenin's critique of imperialism and financial capital. 484.). [11], Lenin's use of Hobson pre-figured the core–periphery model of unequal capitalist development and exploitation. The principal sponsor of this company was that very big German Disconto-Gesellschaft which so successfully attained a capital of 300 million marks.

Here is an example, taken from a multitude of others, of the ‘business’ methods of the American trusts, quoted by Hilferding. 338-39.). ), (3.1) Bank Assets (According to Reports for October-November 1913) 000,000 roubles, a 1) 4 banks: Siberian Commercial, Russian, International & Discount Bank, a 2) 2 banks: Commercial and Industrial, and Russo-British, a 3) 5 banks: Russian-Asiatic, St. Petersburg Private, Azov-Don, Union Moscow, Russo-French Commercial, b) 8 banks: Moscow Merchants, Volga-Kama, Junker & Co., St Petersburg Commercial (formerly Wawelberg), Bank of Moscow (formerly Ryabushinsky), Moscow Discount, Moscow Commercial, Moscow Private. Naturally, the country which exports capital skims the cream; for example, the Berlin Deutsche Bank, before placing the shares of the Siberian Commercial Bank on the Berlin market, kept them in its portfolio for a whole year, and then sold them at the rate of 193 for 100, that is, at nearly twice their nominal value, ‘earning’ a profit of nearly six million roubles, which Hilferding calls “promoter’s profits”. “The French,” says Lysis, “are the usurers of Europe.” All the conditions of economic life are being profoundly modified by this transformation of capitalism. of imperialism, for unless this is studied, it will be ), As a matter of fact, experience shows that it is sufficient to own 40 per cent of the shares of a company in order to direct its affairs, (Liefmann, Beteiligungsgesellschaften, 1st Ed., p. period of imperialism is the eve of the socialist revolution; In 1909, the capital of the Sugar Trust amounted to 90 million dollars. (Die Bank, 1913, p. 952, L. Eschwege, Der Sumpf; Ibid., 1912, 1, p. 223 et seq.).

A steadily increasing proportion of capital in industry ceases to belong to the industrialists who employ it. Indeed, if holding 50 per cent of the capital is always sufficient to control a company, the head of the concern needs only one million to control eight million in the second subsidiaries. edition of which is soon to appear. Is it "conceivable that in ten or twenty years' time the relative strength will have remained unchanged?"

In turn, such financial behaviour leads to the division of the world among monopolist business companies and the great powers. The extent to which this process is going on may be judged from the statistics on emissions, i.e., the issue of all kinds of securities.

This webinar discusses Lenin's Imperialism: The Highest Stage of Capitalism. Thus, owing to the formation of capitalist monopolies, the merging of bank and industrial capital has also made enormous strides in Russia. What Lies Behind Stalin Bid for Agreement with Hitler. Classics of Marxism: VI Lenin. And if this ‘interlocking’ is extended, it is possible with one million to control sixteen million, thirty-two million, etc. Siemens, one of the biggest industrialists and ‘financial kings’ in Germany, told the Reichstag on 7 June, 1900, that “the one-pound share is the basis of British imperialism”. Such ideas were early contributions to the development of world-systems theory, but similar ideas are found in Marx's work as well.

by BRIAN JONES. Of these four countries, two, Britain and France, are the oldest capitalist countries, and, as we shall see, possess the most colonies; the other two, the United States and Germany, are capitalist countries leading in the rapidity of development and the degree of extension of capitalist monopolies in industry.
spring of 1916, in Zurich. Solidaridad internacional con la revolución haitiana: ¡abajo la injusticia del régimen de Moïse! In the conditions in which I was


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