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INTERNATIONAL CAPITALIST TRADE AS IMPERIALISM: A HISTORICAL REBUTTAL OF JOSEPH SCHUMPETER’S THEORY OF IMPERIALISM

The paper is an attempt to use historical facts and narratives to challenge and refute the suppositions of Schumpeter’s theory of imperialism. Using qualitative method of data collection and analysis which involves the use of written sources and content analysis, the paper argue that Schumpeter, in his Eurocentric attempt to exonerate the European merchants from exploitation and underdevelopment of the Third World Countries (TWCs), dissociated capitalist trade from the whims and caprices of imperialism. Having said this, Schumpeter further approximated imperialism to pure political game, mere bellicosity and atavism, which is incongruent with capitalist trade that is rational and laced with clear objectives. The paper therefore, using historical facts concludes that international trade is not only linked with imperialism, but has been implicated as the fulcrum of the political outcome of imperialism.