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Quotation of the Day…

Posted By Don Boudreaux On October 29, 2012 @ 8:42 am In Myths and Fallacies | Comments Disabled

… is from page 153 of Paul Johnson’s 1983 volume, Modern Times [1]; here Johnson is criticizing the theory of imperialism made famous chiefly by Joseph Lenin and, also, J.A. Hobson [2] (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 [3], whose Zur Soziologie des Imperialismus (Imperialism and Social Classes [4]) 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.

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[1] Modern Times: http://www.amazon.com/Modern-Times-Revised-Twenties-Perennial/dp/0060935502/ref=la_B000AQ3F7Y_1_4?ie=UTF8&qid=1351514379&sr=1-4

[2] J.A. Hobson: http://www.spartacus.schoolnet.co.uk/TUhobson.htm

[3] Joseph Schumpeter: http://www.econlib.org/library/Enc/bios/Schumpeter.html

[4] Imperialism and Social Classes: http://www.amazon.com/Imperialism-Social-Classes-Schumpeter-ebook/dp/B006CR7QC0/ref=sr_1_1?s=books&ie=UTF8&qid=1351514335&sr=1-1&keywords=schumpeter+imperialism

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