“Colonial policy and imperialism,” Lenin insisted, “existed before this latest stage of capitalism, and even before capitalism.” 2 1 Lenin employed the term modern imperialism or simply imperialism to refer to the age of concentrated capital, during which the entire world was being carved up by the leading states and their corporations, distinguishing the imperialist stage from the colonialism/imperialism of the mercantilist and freely competitive stages of capitalism that preceded it. Lenin’s classic study of a century ago, Imperialism: The Latest Stage of Capitalism (better known by the title given to it following its first publication, Imperialism: The Highest Stage of Capitalism). The single most influential work on imperialism remains V.
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