The term New Imperialism refers to the policy and ideology of imperial colonial expansion adopted by Europes powers and later the United States and Japan during the late 19th and early 20th centuries; approximately from the Franco-Prussian War to World War I (c. ... Background: Before New Imperialism For details, see the main articles mercantilism, American Revolution, and Pax Britannica. ... Large areas of Asia, as well as Africa and other areas of the world, were subjected to imperial control by European nations, China, and Japan. ... The Scramble for Africa was the period between the 1880s and the start of World War I, when colonial empires in Africa proliferated more rapidly than anywhere else on the globe. ... Inter-imperialist rivalry For details, see the main articles, Spanish American War, Russo-Japanese War, Tangier Crisis, and Agadir Crisis. ...

The accumulation theory

The accumulation theory, conceived largely by J.A. Hobson and later Lenin, centres on the accumulation of surplus capital during the Second Industrial Revolution. John A. Hobson, (1858–1940) was an English economist and imperial critic, widely popular as a lecturer and writer. ... Vladimir Ilyich Lenin ( Russian: Влади́мир Ильи́ч Ле́нин  listen?), original surname Ulyanov (Улья́нов) ( April 22 (April 10 ( O.S.)), 1870 – January 21, 1924), was a Russian revolutionary, the leader of the Bolshevik party, the first Premier of the Soviet Union, and the founder of the ideology of Leninism. ...

Both theorists linked the problem of shrinking continental markets driving European capital overseas to an inequitable distribution of wealth in industrial Europe. They contended that the wages of workers did not represent enough purchasing power to absorb the vast amount of capital accumulated during the Second Industrial Revolution.

Hobson, a British liberal writing at the time of the fierce debate on imperialism during the Boer War, observed the spectacle of what is popularly known as the "Scramble for Africa", and emphasized changes in European social structures and attitudes as well as capital flow (though his emphasis on the latter seems to have been the most influential and provocative). His so-called accumulation theory suggested that capitalism suffered from under-consumption due to the rise of monopoly capitalism and the resultant concentration of wealth in fewer hands, which apparently gave rise to a misdistribution of purchasing power. Logically, this argument is sound, given the huge impoverished industrial working class - then often far too poor to consume the goods produced by an industrialised economy. His analysis of capital flight and the rise of mammoth cartels later influenced Lenin in his Imperialism: The Highest Stage of Capitalism, which has become a basis for the modern neo-Marxist analysis of imperialism. Thus some have argued that the New Imperialism was caused essentially by a flight of foreign capital. Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as the purpose of government. ... Boer guerrillas during the Second Boer War There were two Boer wars, one from December 16, 1880-March 23, 1881 and the second from October 11, 1899-May 31, 1902 both between the British and the settlers of Dutch, French and German origin (called Boers, Afrikaners or Voortrekkers) in South... The Scramble for Africa was the period between the 1880s and the start of World War I, when colonial empires in Africa proliferated more rapidly than anywhere else on the globe. ... In economics, a monopoly (from the Greek monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a kind of product or service. ... Vladimir Ilyich Lenin (Russian: Влади́мир Ильи́ч Ле́нин   listen?), original surname Ulyanov (Улья́нов) (April 22 (April 10 (O.S.)), 1870 – January 21, 1924), was a Russian revolutionary, the leader of the Bolshevik party, the first Premier of the Soviet Union, and the main theorist of Leninism, which he described as an adaptation of Marxism to... Marxism is the political practice and social theory based on the works of Karl Marx, a 19th century German philosopher, economist, journalist, and revolutionary, along with Friedrich Engels. ...

New Imperialism was one way of capturing new overseas markets. By the eve of World War I, Europe, for instance, represented the largest share (27 percent) of the global zones of investment, followed by North America (24 percent), Latin America (19 percent), Asia (16 percent), Africa (9 percent), and Oceania (5 percent) for all industrial powers. Britain, the forerunner of Europe's capitalist powers, however, was clearly the chief world investor, though the direction of its investments underwent a striking change, becoming oriented less toward Europe, the United States, and India, and more toward the rest of the Commonwealth and Latin America. In non-industrial regions that lacked both the knowledge and the power to direct the capital flow, this investment served to colonize rather than to develop them, destroying native industries and creating dangerous political and economic pressures which would, in time, produce the so-called "north/south divide." Dependency Theory, devised largely by Latin American academics, draws on this inference. World War I was primarily a European conflict with many facets: immense human sacrifice, stalemate trench warfare, and the use of new, devastating weapons - tanks, aircraft, machineguns, and poison gas. ... World map showing location of North America A satellite composite image of North America North America is a continent in the northern hemisphere, bounded on the north by the Arctic Ocean, on the east by the North Atlantic Ocean, on the south by the Caribbean Sea, and on the west... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ... World map showing location of Asia Asia is the central and eastern part of Eurasia, defined by subtracting Europe from Eurasia. ... Africa is the worlds second-largest continent and second most populous. ... Map of Oceania. ... Flag of the Commonwealth of Nations The Commonwealth of Nations is an association of independent sovereign states, most of which are former colonies once governed by the United Kingdom as part of the British Empire. ... Dependency theory is the body of theories by various intellectuals, both from the Third World and the First World, that propound a worldview which suggests that the wealthy nations of the world need a peripheral group of poorer states to remain wealthy. ...

Some have criticised J.A. Hobson's analysis of over-accumulation and under-consumption, arguing it does not explain why less developed nations with little surplus capital, such as Italy, participated in colonial expansion. Nor does it fully explain the expansionism of the great powers of the next century — the United States and Russia, which were in fact, net borrowers of foreign capital. Opponents of his accumulation theory also point to many instances in which foreign rulers needed and requested Western capital, such as the hapless moderniser Khedive Ismail Pasha. John A. Hobson, (1858–1940) was an English economist and imperial critic, widely popular as a lecturer and writer. ... Ismail Pasha, known as Ismail the Magnificent (December 31, 1830–March 2, 1895) was khedive of Egypt from 1863 until he was removed at the behest of the British in 1879. ...

Since the "Scramble for Africa" was the predominant feature of New Imperialism and formal empire, opponents of Hobson's accumulation theory often point to frequent cases when military and bureaucratic costs of occupation exceeded financial returns. In Africa (exclusive of South Africa) the amount of capital investment by Europeans was relatively small before and after the 1880s, and the companies involved in tropical African commerce exerted limited political influence. First, this observation might detract from the pro-imperialist arguments of Léopold II, Francesco Crispi, and Jules Ferry, but Hobson argued against imperialism from a slightly different standpoint. He concluded that finance was manipulating events to its own profit, but often against broader national interests. Second, any such statistics only obscure the fact that African formal control of tropical Africa had strategic implications in an era of feasible inter-capitalist competition, particularly for Britain, which was under intense economic and thus political pressure to secure lucrative markets such as India, China, and Latin America. John A. Hobson, (1858–1940) was an English economist and imperial critic, widely popular as a lecturer and writer. ... // Events and Trends Technology Development and commercial production of electric lighting Development and commercial production of gasoline-powered automobile by Karl Benz, Gottlieb Daimler and Maybach First commercial production and sales of phonographs and phonograph recordings. ... King Léopold II His Majesty King Léopold II of the Belgians (Louis Philippe Marie Victor) (April 9, 1835–December 17, 1909), succeeded his father, Léopold I of Belgium, to the Belgian throne in 1865 and remained king until his death. ... Francesco Crispi (October 4, 1819 - August 12, 1901) was a 19th century Italian politician. ... Jules Ferry, French statesman Jules François Camille Ferry (April 5, 1832 – March 17, 1893) was a French statesman. ... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ...

World Systems theory

World-Systems theorist Immanuel Wallerstein addresses these counterarguments without degrading Hobson's underlying inferences. Immanuel Wallerstein (born 1930) is a U.S. sociologist. ...

Hobson's theory is thus useful in explaining the role of over-accumulation in overseas economic and colonial expansionism while Wallerstein perhaps better explains the dynamic of inter-capitalist geopolitical competition.

Wallerstein's conception of imperialism as a part of a general, gradual extension of capital investment from the "centre" of the industrial countries to an overseas "periphery" coincides with Hobson's. According to Wallerstein, "Mercantilism became the major tool of (newly industrialising, increasingly competitive) semi-peripheral countries (i.e, Germany, France, Italy, Belgium, etc.) seeking to become core countries. Wallerstein hence perceives formal empire as performing a function "analogous to that of the mercantilist drives of the late seventeenth and eighteenth centuries in England and France." Protectionism and formal empire were characteristics of this era of neo-mercantilism, the major tools of "semi-peripheral", newly industrialized states, such as Germany, seeking to usurp Britain's position at the "core" of the global capitalist system.

The expansion of the Industrial Revolution thus contributed to the emergence of an era of aggressive national rivalry, leading to the late nineteenth century scramble for Africa and formal empire. Hobson's theory is thus useful in explaining the role of over-accumulation in overseas economic and colonial expansionism while Wallerstein perhaps better explains the dynamic of inter-capitalist geopolitical competition. The Industrial Revolution was the major technological, socioeconomic and cultural change in the late 18th and early 19th century resulting from the replacement of an economy based on manual labor to one dominated by industry and machine manufacture. ...

The interpretations of recent scholarship

Benjamin Disraeli and Queen Victoria

In this sense, contemporary imperial historian Bernard Porter argues that formal imperialism for Britain was a symptom and an effect of its relative decline in the world, and not of strength. Symbolic overtures, in fact, such as Queen Victoria's grandiose title "Empress of India", celebrated during the second premiership of Benjamin Disraeli in the 1870s, helped to obscure this fact. Joseph Chamberlain thus argued that formal imperialism was necessary for Britain because of the relative decline of the British share of the world's export trade and the quick rise of German, American, and French economic competition. Queen Victoria and Benjamin Disraeli File links The following pages link to this file: Benjamin Disraeli, 1st Earl of Beaconsfield British Empire New Imperialism Theories of New Imperialism User:Mackensen/Benjamin Disraeli Categories: Public domain images ... Victoria (Alexandrina Victoria) (24 May 1819–22 January 1901) was Queen of the United Kingdom of Great Britain and Ireland from 20 June 1837, and Empress of India from 1 January 1877 until her death. ... Events and Trends Technology The invention of the telephone (1876) by Alexander Graham Bell. ... Joseph Chamberlain (July 8, 1836 - July 3, 1914) was a British politician. ...

Porter, however, notes that Britain, "Struck with outmoded physical plants and outmoded forms of business organization... now felt the less favorable effects of being the first to modernize." He contends that "a kind of vicious circle had been set up, with domestic industry lagging because capital was going elsewhere because industry was lagging." Unlike J.A. Hobson, however, who links under-consumption to a misdistribution of purchasing power, Porter argues that "the best thing that Britain could have done to correct [its balance of payments] would have been to make her export industry more competitive —improve her methods of manufacturing and marketing in order to sell more abroad." John A. Hobson, (1858–1940) was an English economist and imperial critic, widely popular as a lecturer and writer. ...

As mentioned, contemporary historians, such as Bernard Porter, P.J. Cain, and A.G. Hopkins, do not downplay the influence of financial interests of "the city" either, but contest Hobson's conspiratorial overtones and "reductionisms." Nevertheless, they often acted as repositories of the surplus capital accumulated by a monopolistic system and they were therefore the prime movers in the drive for imperial expansion, their problem being to find fields for the investment of capital.

External links

• Imperialism: The Highest Stage of Capitalism by V.I. Lenin
• J.A. Hobson's Imperialism: A Study: A Centennial Retrospective by Professor Peter Cain
• Empire? What Empire? Imperialism and British national identity c. 1815-1914 by Professor Bernard Porter