John A. Hobson
John Atkinson Hobson (1858–1940) grew up during an economic depression in England that ultimately shifted his intellectual interests from literature to economics. One of his major contributions is the theory of under-consumption, which argues that low consumer demand and high supply of goods will lead to a sluggish economy. Hobson also held that imperialism could be stripped down to economic interests by the mother country: it was no more than a search for new capitalist markets. This selection explores Hobson’s observed relationships among economy, international struggle, imperialism, and nationalism.
From John A. Hobson, Imperialism and the Lower Races. New York: James Pott and Co., 1902, part II, chapter IV.