Imperialism (Hobson)
Imperialism: A Study (1902), by John A. Hobson, is a politico–economic discourse about the negative financial, economic, and moral aspects of imperialism as a nationalistic business enterprise.
The Taproot of Imperialism
The "taproot of imperialism" is not in nationalist pride, but in capitalist oligarchy; and, as a form of economic organization, imperialism is unnecessary and immoral, the result of the mis-distribution of wealth in a capitalist society. That dysfunction of political economy created the socio-cultural desire to extend the national markets into foreign lands, in search of profits greater than those available in the Mother Country. In the capitalist economy, rich capitalists received a disproportionately higher income than did the working class. That, if the owners invested their incomes to their factories, the greatly increased productive capacity would exceed the growth in demand for the products and services of said factories.
As a political scientist, J.A. Hobson said that imperialism was an economic, political, and cultural practice common to nations with a capitalist economic system. That, because of its innate productive capacity for generating profits, capitalism did not functionally require a large-scale, large-term, and costly socio-economic enterprise such as imperialism. That a capitalist society could avoid resorting to imperialism through the radical re-distribution of the national economic resources among the society, and so increase the economic-consumption power of every citizen. That, after said economic adjustments, a capitalist nation did not require opening new foreign markets, and so could profitably direct the production and consumption of goods and services to the in-country markets, because "the home markets are capable of indefinite expansion . . . provided that the 'income', or power to demand commodities, is properly distributed".