Briefly explain why J.A Hobson gave an economic interpretation to imperial tactics to Africa
Answers
Clue to Hobson’s thinking can be found in title of his 1938 autobiography, confessions of an Economic Heretic.
His core idea was capitalism’s boom-and-bust cycles were caused by over-saving by the richer classes/put another way, by the forced ‘under-consumption’ of the poorer ones; their lack of spending power, consequence of the unequal distribution of income which led repeated pattern of depression and unemployment.
The economic interpretation given by J. A. Hobson for the tactics adopted imperially for Africa had the boom of the Capitalism.
Explanation:
The capitalism has been the core center for the interpretation of the economy of the Africans. It was pen down under his autobiography entitled as the “Confessions of an Economic Heretic”. It was published in 1938.
The ideology behind the interpretation is being held for the understanding of the cycle of booming and busting around the richer class for over saving and under consumption of the poorer.