A lot has been written, and will doubtless continue to be written, about how Marx’s theory of capitalist development is a relic of a bygone era, irrelevant for understanding the complex dynamics of the “globalised”, “post-industrial”, “financialised” capitalism that is supposed to have emerged only at the end of the 20th century. Contemporary capitalism, however, can only be scientifically understood using Marx’s theory of capitalist development.

The term “imperialism” came into common usage in England in the 1890s as a development of the older term “empire” by the advocates of a major effort to extend the British Empire in opposition to the policy of concentrating on national economic development, the supporters of which the advocates of imperialism dismissed as “Little Englanders”. The term was rapidly taken into other languages to describe the contest between rival European states to secure colonies and spheres of influence in Africa and Asia, a contest that dominated international politics from the mid-1880s to 1914, and caused this period to be named the “age of imperialism”.