Magdoff’s analysis is the foundation upon which the work of an entire tradition of Monthly Review authors rests.

The principal ambition of this book is to provide an avowedly eclectic, although largely political, explanation of American and British imperialism, as comprehensive and ultimately as unified as that offered by Marxist interpretations. Geopolitical considerations are assumed to be basic (but not exclusive) concerns of foreign policy elites in Britain and the United States; and the ability of people in Latin America, Africa and Asia to coordinate their activities, that is, to act politically, is assumed to be the central (but not sole) feature determining the character of their response to Western imperialism. The book provides profiles of various southern political regimes and categorises their different reactions to the impact of imperialism in the nineteenth century and to the impetus for decolonisation after 1945. The author concludes by considering the dilemma of American policy toward the Third World in the early 1980s, when traditional modes of conduct can no longer prescribe a clear plan of action.

"In 1949 the United States held three-Quarters of the world's gold; by 1960 it had become a debtor nation. And yet, the United States has built history's most powerful and affluent empire. Its techniques for world domination remained, at first, the conventional devices of the economic superstate. In recent years, however, the United States has sophisticated its strategy to the point where, although fallen into serious debt, it has retained and even expanded its dominance. The United States has pioneered a new form of imperialism in which the assets of its competitors have been employed for American ends." -- From inside dust jacket flap.

This volume contains a series of essays aimed at illuminating the theory, history, and roots of imperialism, which extend the analysis developed in Magdoff’s The Age of Imperialism.

In the decades after 1945, as colonial possessions became independent states, it was widely-believed that imperialism as a historical phenomenon was coming to an end. The six essays collected in this volume demonstrate that a new form of imperialism was, in fact, taking shape—an imperialism defined not by colonial rule but by the global capitalist market. From the outset, the dominant power in this imperialism without colonies was the United States. Magdoff’s essays explain how this imperialism works, why it generates ever greater inequality, repression, and militarism, and the essential role it plays in the development of U.S. capitalism. His concluding essay presciently points out the limits of any attempted reform of the global economy which does not directly challenge the framework of capitalism. Written in the 1960s and 70s, Magdoff’s essays constituted a major contribution to Marxist theory and provided a model of rigorous argument in which theory is constantly checked against the economic reality. They provide an indispensable guide to the basic forces at work in the global politics of the twenty-first century.