Do ONE of the Following TWO essay questions.
1. Lenin Question In his famous book, Imperialism: The Highest Stage of Capitalism, Lenin argued that the maturation of capitalism by the eve of World War I created a new set of social dynamics within the developed world. Moreover, he believed these developments within the advanced capitalist world altered the relationship between the advanced capitalist powers and the developing world. Explain each of the five features that Lenin believed characterized this latest stage of capitalist development. (See my notes for the five features.) Why was he convinced that this latest stage of capitalist development might lead to wars, depressions, and revolutions? Explain. What parts of Lenin’s analysis do you think Keynes would reject? Explain.
2. Keynes Question In his famous polemic The Economic Consequences of the Peace, Keynes argued that the economic system that arose in Western Europe after 1870 was “intensely unusual, unstable, complicated, unreliable, [and] temporary”. Explain. In his view, how did World War I and its aftermath worsen the problem? Explain using Keynes’ four sources of potential instability that he thought the War exacerbated. What parts of Keynes’ analysis do you think Lenin would reject? Explain.