Now , capitalism is expanding on a global scale and huge sums of finance capital is moving around the globe , then this process has begun not in 1970s but in 1870s . Karl Marx vividly described the compulsions of political economy behind the capitalism ’ s thrust into world markets .
“ The bourgeoisie has through its exploitation of the world market given a cosmopolitan character to production and consumption in every country . To the great chagrin of Reactionists , it has drawn under the feet of industry the national ground on which it stood . All old established industries whose introduction becomes a life and death question for all civilised nations , by industries that no longer work up indigenous raw materials , but raw material drawn from the remotest zones : industries whose products are consumed , not only at home , but in every quarter of globe . In place of old wants , satisfied by the products of the country , we find new wants , requiring for their satisfaction the products of distant lands and climes . In place of the old local and national seclusion and selfsufficiency , we have intercourse in every direction , universal interdependence of nations ..... The bourgeoisie , by rapid improvement of all instruments of production , by immensely facilitated means of communication , draws all , even the most barbarian nations to civilisation . The cheap prices of its commodities are the heavy artillery with which it batters down all Chinese walls , with which it forces the barbarians ’ intensely obstinate hatred of foreigners to capitulate ... In one word , it creates a world after its own image .” ( Communist Manifesto )
This striking and prophetic image of imperialism spreading through out the world , battering down all Chinese Walls , is further studied and analysed by Lenin :
“ Economic essence of imperialism is monopoly capitalism . This in itself determines its place in
4 history , for monopoly that grows out of the soil of free competition , and precisely out of free competition , is the transition from the capitalist system to a higher socio-economic order ... Monopolies , oligarchy , the striving for domination and not for freedom , the exploitation of an increasing number of small or weak nations by a handful of the richest or most powerful nations all these have given birth to those distinctive characteristics of imperialism which compel us to define it as parasitic or decaying capitalism ..... When a big enterprise assumes gigantic proportions , and , on the basis of an exact computation of mass data , organises according to plan the supply of primary raw materials to the extent of two-thirds , or three-fourths , of all that is necessary for tens of millions of people ; when the raw materials are transported in a systematic and organised manner to the most suitable places of production , sometimes situated hundreds of thousands of miles from each other : when a single centre directs all the consecutive stages of processing the material right up to the manufacture of numerous varieties of finished articles ; when : these products are distributed according to a single plan among tens and hundreds of millions of consumers-then it becomes evident that we have socialisation of production , and not mere interlocking ; that Private economic and private property relations constitute a shell which no longer fits its contents , a shell which must inevitably decay . If its removal is artificially delayed , a shell which may remain in a state of decay for a fairly long period ( if , at the worst , the cure of the opportunist abscess is protracted ), but which must inevitably decay , if its removal is artificially delayed , a shell which will inevitably be removed ”.
Contrary to the expectations of the admirers of imperialism , this gigantic concentration and centralisation of capital and process of production did not bring in any harmonious development , rather accented all the contradictions of capitalism .
“ It goes without saying that if capitalism could develop agriculture , which today is everywhere lagging behind industry , if it could raise the living standards of the masses , who inspite of the amazing technical progress are everywhere still halfstarved and poverty-stricken , there could be no question of a surplus capital . This argument is very often advanced by the petty-striken , there could be no question of a surplus capital . This argument is very often advanced by the petty bourgeois critics of capitalism ; But if capitalism did these things it would not be capitalism ; for both uneven development and a semi-starvation level of existence of the masses are fundamental and inevitable conditions and constitute premises of this mode of production . As long as capitalism remains what it is , surplus capital will be utilised not for the purpose of raising the standard of living of masses in a given country , for this would mean a decline in profits for capitalists , but for the purpose of increasing profits by exporting capital abroad to backward countries ”.
Thus imperialism is the final stage of capitalism will be removed by socialism . As Lenin observed : “ Imperialism is the eve of social revolution of the proletariat . This has been confirmed since 1917 on a world-wide scale ”.
Hence globalisation is not new phenomenon or development of capitalism or imperialism into higher stage . Rather it is inherent in the capitalist logic ; its form being decided by the political and military needs along with economic compulsions .
The imperialist international financial institutions like World Bank , IMF and WTO , came into existence in the changed circumstances . The old colonialism was replaced by neocolonial plunder and these financial institutions became the instruments of
Class Struggle