Empire of Capital

What does imperialism mean in the absence of colonial conquest and imperial rule?

In this era of 'globalization', we hear a great deal about a 'new imperialism', the hegemony of global capital and its chief enforcer, the US. Today, with the US promising an endless 'war against terrorism' and a policy of 'pre-emptive defence', this notion seems more plausible than ever.Capitalism makes possible a new form of domination by purely economic means, argues Ellen Meiksins Wood. So, surely, even the most seasoned White House hawk would prefer to exercise global hegemony in this way, without costly colonial entanglements. Yet, as Wood powerfully demonstrates, the economic empire of capital has also created a new unlimited militarism.
By contrasting the new imperialism to historical forms such as the Roman and Spanish empire, and by tracing the development of capitalist imperialism back to the English domination of Ireland and on the British Empire in America and India, Wood shows how today's capitalist empire, a global economy administered by local states, has come tom spawn a new military doctrine of war without end, in purpose or time.