Hobson’s Imperialism: Its Historical Validity and Contemporary Relevance

Abstract

Hobson’s Imperialism: A Study² is an enduring classic of international political economy. In spite of criticism from the right and left, in spite of the development of Keynesian economics as the sophisticated successor of underconsumption theory, in spite of world-system models of the capitalist state system, Hobson’s book continues to be, by academic standards of success, enormously popular. Imperialism is widely available in paperback, and an Internet search reveals the book’s regular appearance on syllabi. Imperialism may be classified as one of the great British polemical works of the last two centuries: as brilliant, profound, and passionate a statement as Burke’s Reflections on the Revolution in France and Keynes’ Economic Consequences of the Peace. It invites attack and defense; it polarizes its readership and comes to be read not just in terms of its historical content but in terms of the generalized applicability of its message: Was it true then? Is it true now? If so, how is it true now?

This conjunction of an immense military establishment und a large arms industry is new in the American experience. The total influence — economic, political, even spiritual — is felt in every city, every State house, every office of the Federal government. We recognize the imperative need for this development. Yet we must not fail to comprehend its grave implications. Our toil, resources, and livelihood are all involved; so is the very structure of our society. In the councils of governrnent, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.

The author wishes to thank P.J. Cain, William Darity, Jr., Benjamin Fordham, David Skidmore, David Gibbs, and John Legge for their comments on drafts of this paper. The author thanks the many participants on the post-Keynesian theory Web site at http://csf.colorado.edu/pkt.