John Hobson, Thorstein Veblen and the Phenomenon of Imperialism

Stephen Edgell and Jules Townshend

American Journal of Economics and Sociology, 1992, vol. 51, issue 4, 401-420

Abstract: Abstract. Although Hobson (1858–1940) and Veblen (1857–1929) both wrote extensively on imperialism, a systematic comparison of their views has yet to be undertaken. This is corrected with reference to three issues: their respective condemnation and explanation of, and remedy for, imperialism. The contexts in which they wrote is outlined and it is shown that on the basis of a shared definition of imperialism: (1) they both condemned imperialism on economic and political grounds, although Veblen's hostility was arguably the greater; (2) they both advanced dualistic explanations of imperialism, but whereas Hobson developed more fully and emphasized economic rather than ideological forces, the reverse was the case for Veblen; and (3) they agreed that modern imperialism could be remedied by the establishment of an international system of law and order. Veblen, however, was far less confident that this would solve totally the problem of imperialism and hence argued for the abolition of both capitalism and patriotism. The convergencies and divergencies in their analyses of imperialism may reflect the British liberal and American radical traditions that the politically involved Hobson and the iconoclast Veblen, respectively, operated within. There is a lesson for our time in their views.

Date: 1992
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