IN his book, Imperialism: the Highest Stage of Capitalism, Lenin refers to imperialism as a “special stage,” “a very high stage of development,” “specific historical stage,” “the latest phase” and “the beginning of its transition to socialism.”
Imperialism, writes Lenin, is the stage of capitalism’s development in which “the dominance of monopolies and finance capital is established; in which the export of capital has acquired pronounced importance.”
Rarely does he refer to it as the highest stage — but, given the title of the work, it has invariably been interpreted literally, that capitalism can evolve no further for it has reached its zenith.
Whether this is what Lenin intended is irrelevant, for this approach has permeated the communist movement and the left in general, yet it has little Marxist merit. It implies that once that stage is reached (which Lenin dates back to the early 20th century), time stands still, capitalism’s internal contradictions disappear and with them any further evolutionary development. But what happens to the socialist embryo that is born within capitalism? Does that cease to evolve as well?