Old capitalism existed in an environment of free competition and the export of goods was its dominant feature. Modern capitalism, however, existed in an environment of monopolies and capital was the chief export. He claims that the world, indeed, had reached the climactic stage of capitalism.
Monopoly is the transition from capitalism to a higher system.
If it were necessary to give the briefest possible definition of imperialism we should have to say that imperialism is the monopoly stage of capitalism. In keeping with his overall theory of social revolution, Lenin comments that the natural course of imperialism is toward violence among industrial, capitalist nations. Lenin further notes the contradiction of a rapidly growing economy and an internally decaying nation. 178 Fieldhouse begins his article by reviewing the chronology of criticisms against MNCs since the 1950s. He argued that MNCs exploited host countries by extracting profits and being principally responsible to the shareholders in the parent nation.