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Imperialism is not a stage, not even the highest stage, of capitalism: from the beginning, it is inherent in capitalism's expansion. The imperialist conquest of the planet by the Europeans and their North American children was carried out in two phases and is perhaps entering a third.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
Samir Amin (Sat,) studied this question.