Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price systems, private property, property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
Leninism is a political ideology developed by Russian Marxist revolutionary Vladimir Lenin that proposes the establishment of the dictatorship of the proletariat led by a revolutionary vanguard party as the political prelude to the establishment of communism. Lenin's ideological contributions to the Marxist ideology relate to his theories on the party, imperialism, the state, and revolution. The function of the Leninist vanguard party is to provide the working classes with the political consciousness and revolutionary leadership necessary to depose capitalism.
State capitalism is an economic system in which the state undertakes business and commercial economic activity and where the means of production are nationalized as state-owned enterprises. The definition can also include the state dominance of corporatized government agencies or of public companies in which the state has controlling shares.
Late capitalism is a concept first used in print by German economist Werner Sombart at the start of the 20th century. In the late 2010s, the term began to be used in the United States and Canada to refer to corporate capitalism.
Finance capitalism or financial capitalism is the subordination of processes of production to the accumulation of money profits in a financial system.
John Atkinson Hobson was an English economist and social scientist. Hobson is best known for his writing on imperialism, which influenced Vladimir Lenin, and his theory of underconsumption.
Bolshevism is a revolutionary socialist current of Soviet Leninist and later Marxist–Leninist political thought and political regime associated with the formation of a rigidly centralized, cohesive and disciplined party of social revolution, focused on overthrowing the existing capitalist state system, seizing power and establishing the "dictatorship of the proletariat".
Superprofit, surplus profit or extra surplus-value is a concept in Karl Marx's critique of political economy subsequently elaborated by Vladimir Lenin and other Marxist thinkers.
A theory of capitalism describes the essential features of capitalism and how it functions. The history of various such theories is the subject of this article.
The theory of state monopoly capitalism was initially a Marxist thesis popularised after World War II. Lenin had claimed in 1916 that World War I had transformed laissez-faire capitalism into monopoly capitalism, but he did not publish any extensive theory about the topic. The term refers to an environment where the state intervenes in the economy to protect larger monopolistic or oligopolistic businesses from threats. As conceived by Lenin in his pamphlet of the same name, the theory aims to describe the final historical stage of capitalism, of which he believed the Imperialism of that time to be the highest expression.
Samir Amin was an Egyptian-French Marxian economist, political scientist and world-systems analyst. He is noted for his introduction of the term Eurocentrism in 1988 and considered a pioneer of Dependency Theory.
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. Hobson argues that capitalist business activity brought about imperialism.
Criticism of capitalism is a critique of political economy that involves the rejection of, or dissatisfaction with the economic system of capitalism and its outcomes. Criticisms typically range from expressing disagreement with particular aspects or outcomes of capitalism to rejecting the principles of the capitalist system in its entirety.
Ultra-imperialism is a potential, comparatively peaceful phase of capitalism, meaning after or beyond imperialism. It was described mainly by Karl Kautsky. Post-imperialism is sometimes used as a synonym of ultra-imperialism, although it can have distinct meanings.
Rentier capitalism is a concept in Marxist and heterodox economics to refer to rent-seeking and exploitation by companies in capitalist systems. The term was developed by Austrian social-geograph Hans Bobek, describing an economic system that was widespread in antiquity and still widespread in the middle east, where productive investments are largely lacking, the highest possible share of income is skimmed off from ground-rents, leases and rents and thus in many developing countries, rentier capitalism is an obstacle to economic development. A rentier is someone who earns income from capital without working. This is generally done through ownership of assets that generate yield, such as rental properties, shares in dividend paying companies, or bonds that pay interest.
Before the perestroika Soviet era reforms of Gorbachev that promoted Eurocommunism, the formal ideology of the Communist Party of the Soviet Union (CPSU) was Marxism–Leninism, a form of socialism consisting of a centralised command economy with a vanguardist one-party state that aimed to realize the dictatorship of the proletariat. The Soviet Union's ideological commitment to achieving communism included the national communist development of socialism in one country and peaceful coexistence with capitalist countries while engaging in anti-imperialism to defend the international proletariat, combat the predominant prevailing global system of capitalism and promote the goals of Russian Communism. The state ideology of the Soviet Union—and thus Marxism–Leninism—derived and developed from the theories, policies and political praxis of Marx, Engels, Lenin and Stalin.
Rudolf Hilferding was an Austrian-born Marxist economist, socialist theorist, politician and the chief theoretician for the Social Democratic Party of Germany (SPD) during the Weimar Republic, being almost universally recognized as the SPD's foremost theoretician of the twentieth century. He was also a physician.
Anti-imperialism in political science and international relations is opposition to imperialism or neocolonialism. Anti-imperialist sentiment typically manifests as a political principle in independence struggles against intervention or influence from a global superpower, as well as in opposition to colonial rule. Anti-imperialism can also arise from a specific economic theory, such as in the Leninist interpretation of imperialism, which is derived from Lenin's 1917 work Imperialism, the Highest Stage of Capitalism. People who categorize themselves as anti-imperialists often state that they are opposed to colonialism, colonial empires, hegemony, imperialism and the territorial expansion of a country beyond its established borders.
Crisis theory, concerning the causes and consequences of the tendency for the rate of profit to fall in a capitalist system, is associated with Marxian critique of political economy, and was further popularised through Marxist economics.
The theory of imperialism refers to a range of theoretical approaches to understanding the expansion of capitalism into new areas, the unequal development of different countries, and economic systems that may lead to the dominance of some countries over others. These theories are considered distinct from other uses of the word imperialism which refer to the general tendency for empires throughout history to seek power and territorial expansion. The theory of imperialism is often associated with Marxist economics, but many theories were developed by non-Marxists. Most theories of imperialism, with the notable exception of ultra-imperialism, hold that imperialist exploitation leads to warfare, colonization, and international inequality.
