The author of this literature was found to be George Allen & Unwin, eminent economists, who appealed to the economists in the country against the school of imperialism opted by Great Britain in the early ages. This article is written by a famous English economist, John A. Hobson renowned as one of the famous critique of the economic stand of imperialism in 1902.
It can be presumed that this extract is from a letter written by an eminent Democratic Party Parliamentarian placed before the British Parliament criticizing the school of imperialism upheld by the republicans, in Great Britain. According to J. A Hobson, other than encouraging imperialism and thereby dominating foreign markets, it’s better to develop the market in our own country and look for an indefinite market expansion in the home country. Most likely, the author’s purpose for writing the primary source was to establish that there was no need to push full imperialism and instead a well-planned social reform in its place would have won its greatest victory in Great Britain. He has upheld that imperialism was the fruit of a false economy and suggested social reform instead, as its remedy. Probably, this letter might have been published during the second half of the 20th century.
Summary
The author was trying to convince that the imperial expansion of Great Britain was not at all necessary to the continued existence and progress of the nation. The author rebutted the argument that imperialism was seemed to be not a choice, but a necessity of the age. He has quoted the history of the United States to establish that a nation could flourish very well with its own resources aimed at the most productive manufacturing economy without opting for imperialism. The capital investment of manufacturers in the United States is at its peak and cannot absorb any more at the end of the century. But they still increased their business by using their savings regulating the product manufactured and prices that is affordable for the home market to accommodate. Priced surplus gifts were transported to foreign countries that will not save up a profitable guarantee of their market within the country. Dominators could thus repay the capital already borrowed from the marketed countries thereby becoming a creditor class to those. The United States has made it clear that one need not own a country in order to do trade with it or to invest capital in it. They could successfully do business with China and other countries around the Pacific.
Manufacturers adopted the process of goods production at a higher rate for selling at good profit made the current economic affairs the root of imperialism. The excess of goods produced in the country should be in an equal run with the public product consumption rate. In such a developed system never comes trouble in exporting and trading products and raw materials even if imperialism exists.
The author thus interprets that home markets themselves are proficient for indefinite market expansion than opening new foreign markets which are unnecessary. It was urged that Great Britain can choose to promote agriculture and public awareness on technical and general science instead of formulating imperialism. The country can also adopt the various method of science in the manufacturing industries thereby supporting a group of population in the country.
Analysis & Interpretation
The author has successfully rebutted the probable arguments that could be leveled in support of the school of imperialism. According to him, instead of adopting a reform mainly in the agricultural sector and the home trade and small-scale home industries, the authorities have concentrated all their attention on developing foreign trade and also Large-scale industrialization, which ultimately leads the nation to chaos and poverty. He has made it very clear that the expansion of the territorial limits of a nation has only very little to do with its expansion of trade and commerce. The practice of imperialism has also weakened the social and moral concept of the nation as well as its people. Comparing the immense growth otherwise achieved by the United States was pointed out as an example by the author, to substantiate his arguments. The author has successfully evaluated the dark side of imperialism and its bad impact on the nation. It reminds us of the various atrocities committed by Great Britain as unavoidable evils, especially during the 17th and 18th centuries, while practicing imperialism. This piece of criticism might have certainly helped eminent parliamentarians to re-view their lenient attitude towards imperialism.
References
J. A. Hobson, 1858-1940. Primary Source: “Imperialism – A Study.” Great Britain: 1902.