Clifton K. Yearley
Abstract: By the early twentieth century, the theory of imperialism had become so associated with economic exploitation that it began to be deprived of its utility. Marxism laid the foundation on which later theories of imperialism would be built, but has since failed to withstand critical analysis. Marxist theory has failed to account for improvements in technology, the constant availability of capital, and improved production techniques. By examining the migration of British capital overseas, one can begin to see that viewing the complex machinery of nations through a narrow theory produces thin and fragile explanations incapable of withstanding thorough analysis. This article challenges the theory of capitalist imperialism, arguing that most of the economic records kept by the major European empires that engaged in colonization suggest that colonies were highly profitable. Great Britain and France, for example, had lower capital growth rates in comparison to those of their non-colonizing Western neighbors. Additionally, some of the colonies would not have been able to compete in the global economy, regardless of European intervention. The main purpose of the theory of capitalist imperialism, then, was to lend credence to communist attacks against Western colonizing states.
Keywords: Marxism, West, Soviet, economics, capitalism, imperialism, theory, production, exploitation
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