Today's World Is Still in the Epoch of Financial Imperialism

Basing itself on the concept of the “historical epoch” (Lenin 1988c, 143), this article contends that today’s world is still in the epoch of financial imperialism as Lenin employed the term. The two epochal themes are those of war and revolution, and of peace and development. The contradictory movement, unity of opposites and mutual transformation that take place between these two themes determine the specific features of the various periods of a given historical epoch. Financial imperialism is a special and also the highest (last) phase in the development of capitalist society, and may continue to exist for a lengthy historical period. As the diverse, accumulated long-term contradictions of today’s world grow deeper, we may be entering a more turbulent period full of disasters and conflicts. As a result, we cannot equate the theme of “peace and development” in the contemporary world with actual entry into the epoch of “peace and development”; instead, we must recognize that there has been no fundamental change in the essence and basic contradictions of the epoch of imperialism, and while maintaining confidence in the future, we should remain alert even during peaceful periods.