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Writing on the eve of the Russian revolution, V.I. Lenin presented transition as the economic essence of imperialism or moribund capitalism. Characterized by the dominance of monopoly and finance capital and the territorial division of the world among the leading capitalist powers, imperialism names a period where differing modes of production coexist. Holders of capital start to act more like landlords than capitalists. For example, the bourgeoisie relies to an ever-increasing degree on the proceeds of capital exports and by “clipping coupons.”1 The state becomes a rentier state and a usurer state. What we see in today’s moribund capitalism is a transition of a different type, toward something that looks more like feudalism than socialism. Capitalist laws of motion are reflexively folding in on themselves and compelling behaviors that repeat accumulation strategies typical of feudalism: rent-seeking, plunder, and political control.
