in Imperialism and the development myth
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The neoliberal period reconfirmed global polarisation between rich and poor societies. It made the central mechanism of Third World exploitation explicit – unequal exchange in trade. Hence, it has been possible to arrive at a simple and empirically verifiable outline of the economic foundation of contemporary imperialism. Marxists long contended there is no satisfactory application of Marx’s law of value to the international economy, nor a contemporary Marxist theory of imperialism. Few imagined what the neoliberal period proved: the resolution of both theoretical problems lay in the fusion of Marx’s law of value with Lenin’s theory of monopoly finance capital. The resulting concept of non-monopoly capital and elaboration of its role and relationship to monopoly capital flows from Lenin’s work. As capitalist property, monopolies ultimately rely on commodity production for the market and hence can never create a world where all production is monopolised. In the neoliberal period non-monopoly capitalist production was expanded, integrated into the global division of labour and drawn into a world market dominated by the monopolies. Differentiating between monopoly and non-monopoly is superior to other explanations of global polarisation because it simultaneously explains the forms of development of production in the Third World, the different dynamic in the imperialist world and the relationship between the two poles. That is, it characterises Third World and imperialist economies with reference to the inner life of their own societies. At the same time it explains the conditioning of those economies and societies by their situation in imperialist capitalism as whole.

Imperialism and the development myth

How rich countries dominate in the twenty-first century


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