Imperialism - the system of military, political, economic and cultural domination of the Third World by its former colonial masters - was historically the outgrowth of capitalist development in the West. In the economic sphere, it is characterised by the exploitation of natural and human resources in the Third World by western capitalist enterprises. Although bourgeois economists were in agreement with classical Marxists - including Lenin, Luxemburg and Marx - that imperialism, or western investment in developing countries, would be an agent of capitalist development in the Third World, modern-day theorists of imperialism - including dependency theorists and world-system’ analysts following Andre Gunder Frank and Immanuel Wallenstein - argue that it retards such development,
a. Imperialism, the all-encompassing domination of developing countries by their former rulers, was a consequence of Western capitalist development. Economic imperialism refers to the exploitation of Third World resources by western capitalists. Whereas bourgeois and classical marxist economists believe that this results in development, the dependency theorists and world-system analysts differ.
b. Western economists are divided over whether economic imperialism is beneficial to developing counties. The bourgeois and classical marxists say that it ensures development but the dependency theorists and world system analysts feel that it does more harm than good. Economic imperialism is the exploitation of developing countries by the west.
c. Economic imperialism is the exploitation of Third World nations by capitalists. The dependency theorists and world-system analysts feel that it promotes development, but the bourgeois and classical marxists disagree. Imperialism was a consequence of western capitalism.
d. Western capitalist growth was consequent on imperialism. Economic imperialism is the exploitation of the Third World by the West. While bourgeois and classical marxists economists believe otherwise, dependency theorists and world-system analysts believe that capitalist growth is limited by such imperialism.