ABSTRACT
V. l. Lenin identified the structure of the international division of labour as a form of imperialism which depended upon the first phase of the monopoly stage of capitalism in World War I. The debate at the end of World War II about the creation of a new international economic order which would provide a basis for harmonious expansion for the whole of the capitalist system constituted a last ditch attempt to resurrect a dying structure quite literally from its own ashes. The international conflict is very real, and is leading to a resurgence of protectionism and economic war. But it is important at the same time to recognise that the international capitalist system nevertheless remains an integrated whole, and that the most important elements of monopoly capitalism operate on the international as opposed to the national level alone. The organisation of the international monetary system through the International Monetary Fund and the dollar was a central feature of this departure.
