SubscribeThis paper shall argue that Hobson's Imperialism remains uniquely relevant because it is a true political-economic theory of oligarchy. As such it is not a crudely economically determinist work. Rather, it emphasizes that there is an underlying structure of power which conditions the production of wealth on a global scale. This structure of power rests on a circular argument: economic concentration leads to a concentration of political power, and the concentration of political power serves to facilitate economic concentration. The effects of the concentration of political and economic power are expressed, in the economic domain, through the phenomenon of underconsumption. Put another way, the social production of wealth is not optimized, the distribution of wealth is skewed, and the quality of life, as measured in the power of consumption broadly defined, is undermined. In the political and social domain, the effects of the concentration of political and economic power are expressed in an erosion (where not altogether dispensed with) of democratic forms domestically and abroad, as well as an increased international propensity to war.oh and republican privilege :)
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posted by homunculus at 12:15 AM on February 13, 2003