Ever since the First World War, socialists have considered imperialism a calamity: responsible for militarism, economic stagnation, and assaults on democracy in metropolitan countries, an impediment to economic and cultural development in the Third World. So widespread has this view become that it is shared, in its essentials, not only by Marxists but also by an entire school of liberal development economists. Bill Warren breaks with this traditional outlook, arguing that the theory of imperialism, one of Marxism's most influential concepts, is not only contradicted by the facts, but has diluted and distorted Marxism itself. In particular, Warren disputes the claim that 'monopoly capitalism' represents the ultimate stage of senile capitalism and sets out to refute the notion that imperialism is a regressive force impeding or distorting economic development in the Third World. The book argues on the contrary that direct colonialism powerfully impelled social change in Asia and Africa,