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We have seen that imperialism is, in its economic essence, monopolist capitalism. Its historic place is determined by this fact, for monopoly born out of free competition, and precisely out of free competition, is the transition of the capitalist social order to a higher order. We must notice especially four chief aspects of monopolies, or four chief manifestations of capitalist monopoly, which are characteristic of the period under review.

(1) Monopoly has grown up out of the concentration of production at a very advanced stage of the latter's development. This is illustrated in the case of monopolist capitalist unions: combines, syndicates and trusts. We have seen the large part that in plays in modern economic life. At the beginning of the 20th century, monopolies have acquired complete supremacy in the advanced countries. And if the first steps towards the formation of the combines were earlier made by countries enjoying the protection of high tariffs (Germany, America), Britain, with her system of free trade, has shown, only a little later, the same fact, namely, the birth of monopoly out of the concentration of production.

(2) MonpoliesMonopolies [sic] have led to the intensive seizure of the most important sources of raw materials, especially for the coal and iron industry, which is the principal industry of capitalist society and that