ABSTRACT
This chapter is concerned with the momentum of development in a capitalist economy, by referring largely to British experience, both as the classic case of capitalist economy in its earlier stages. There are three main dynamic factors to which economists have given attention: division of labour, accumulation of capital and technical change. The American continent provided room within its own borders for what can be termed an ‘internal colonialism’, and for this reason the USA economy, in which capitalism was most mature and monopoly in industry and finance was to reach its highest stage of development, was relatively late in taking the stage as an imperialist power. A diminishing number of American economists, and few, if any, outside America, would be found today to argue with any assurance that capitalism in its moribund state of today was capable of being an agency par excellence of economic development and progress.
