Classical Liberalism Is Incompatible With Imperialism –

Communists and their fellow travelers, while ignoring the vast imperial domain that the Soviets built for themselves in Eastern Europe and Central Asia, have picked up the baton of anti-imperialism and used it, very effectively, to bludgeon the advocates of free markets as neo-imperialists. In fact, one of the biggest and most pernicious myths in the literature of economic development is that capitalism exploits the many, such as the colonies, while benefiting only the few, such as the colonial powers.

The origins of this myth go back to Karl Marx, who thought that, under capitalism, competition would drive down profits, thus necessitating greater exploitation of the workers. The mistaken theorizing of the German economist (real average global income per person rose by factor of 10 over the last 200 hundred years) was then updated by Vladimir Lenin in his immensely influential 1916 pamphlet, Imperialism, the Highest Stage of Capitalism.

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