Capitalism once played a progressive historic role in dragging humanity out of the impasse of feudalism. By developing the productive forces to previously unheard of levels, it has laid the material basis for socialism. But as the system began to reach its limits, this was reflected in the development of imperialism and the outbreak of world war. This classic work was written in the midst of World War I, and served to train a new layer of Marxists after the betrayal of many of the leaders of the Socialist International, who had capitulated to "their" national capitalist classes. It explains how industrial capital came to dominate merchant capital, only to be further dominated by finance capital. It also details the rise gigantic monopolies concentrating enormous wealth in a few hands. In addition, it explains how imperialist nations dominate others through the export of capital, terms of trade that favor the more powerful country, and the use of military power to impose their will.

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