Revisiting the Classical Theories of Imperialism: From “Underconsumption” in Global Capitalism to the “Imperialist Chain”

Year 2014, Volume: 6 Issue: 1, 1 - 16, 01.06.2014

John Millios and Dimitris P. Sotiropoulos

Abstract

In the contemporary literature and discussions on imperialism one will have
difficulty finding theoretical propositions that do not have their roots in classical
theories. In the argumentation of this paper we shall embark upon Bukharin’s
critique of theories of underconsumption and “surplus capital” (in the context of
his polemic with Luxemburg) and Lenin’s theory on the imperialist chain as
critique of the theory of global capitalism (whose point of departure was his
intervention on the national question and the socialist revolution). We shall argue
that these disputes have theoretical implications which challenge the main
insights of the classical approaches inviting us to think imperialism from a
different standpoint.

Keywords

Imperialism, Lenin, Bukharin, Marx, Imperialist Chain.