- Cafe Hayek - http://cafehayek.com -

Quotation of the Day…

Tweet [1]

… is from page 153 of Paul Johnson’s 1983 volume, Modern Times [2]; here Johnson is criticizing the theory of imperialism made famous chiefly by Joseph Lenin and, also, J.A. Hobson [3] (links added):

If empires are created because of over-saving and under-consumption, if they represented the final stage of capitalism, how did one explain the empires of antiquity?  Joseph Schumpeter [4], whose Zur Soziologie des Imperialismus (Imperialism and Social Classes [5]) appeared in Germany in 1919, was closer to the truth when he argued that modern imperialism was ‘atavistic’.  Capitalism, he pointed out, usually flourished on peace and free-trade, rather than war and protectionism.