Imperialism, a Study

John Atkinson Hobson's Imperialism, a Study (1902) argued that imperialism was driven by the financial interests of the capitalist class. He believed that a maldistribution of income and monopolistic practices led to a surplus of capital needing investment abroad, thus fueling imperialist expansion. Hobson saw this as irrational for the nation as a whole due to the costs of war and neglected social reforms, but rational for a minority of financial groups.

The book also explored associated features like political changes, racial attitudes, and nationalism, influencing Marxist thinkers like Vladimir Lenin. While Hobson believed imperialism could be reformed within capitalism, Lenin argued it was an inherent stage of advanced capitalism, requiring a revolutionary overthrow to eliminate. The "New Imperialism" period (late 19th century to WWI) saw intensified expansion driven by technological advancements and economic competition among industrializing nations.12