Imperialism is the end result of capitalism, not a corruption of, or intrusion into, capitalism. Capitalism becomes imperialism at a very late stage of its development. Imperialism can be defined as “the monopoly stage of capitalism” (112). A few large banks govern finance capital. This capital merges with the capital of certain industrialists to gain monopolist control over the entirety of global territories divided up for the imperial powers’ gain.

Imperialism has five basic features. First, capital is centralized and monopolies created. Second, financial oligarchy exists due to the transition to bank capital and then finance capital. Third, the export of capital replaces the export of goods and services. Fourth, international monopolies form that merge monopolies in individual nations. And fifth, the world’s territories are divided among the largest capitalist empires.

Lenin critiques Czech-Austrian philosopher Karl Kautsky. Kautsky focuses on industrialism rather than on finance capital, the principal evil. As the “principal Marxist theoretician” (113), Kautsky should be capable of giving a faithful analysis, but his perspective simply does not take into account the prime features of late-stage capitalism In fact, it “signif[ies] a rupture with Marxist theory and Marxist practice” (116).