Imperialism and the era of falling prices

Gregory P. Nowell

Journal of Post Keynesian Economics, 2002, vol. 25, issue 2, 309-329

Abstract: Underconsumption theory, especially Hobson's Imperialism (1902), offered a breakthrough in understanding imperialism as a macroeconomic system. But these views remained constrained by neoclassical attitudes toward debt, investment, and government spending. A Post Keynesian appreciation of the imperialist era sees the acquisition of economically nonperforming colonies as necessary to protect asset values of all overseas assets, whether colonial or non-colonial. Moreover, the arms race stimulated aggregate demand and at least partially compensated the deflationary bias of the gold standard and a penchant for balanced budgets. Imperialism thus emerges as an uncoordinated international response to deficient domestic demand and chronic price weakness.

Date: 2002
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DOI: 10.1080/01603477.2002.11051353

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