Can one, however, deny that in the abstract a new phase of capitalism to follow imperialism, namely, a phase of ultra-imperialism, is "thinkable"? No. In the abstract one can think of such a phase. In practice, however, he who denies the sharp tasks of to-day in the name of dreams about soft tasks of the future becomes an opportunist. Theoretically it means to fail to base oneself on the developments now going on in real life, to detach oneself from them in the name of dreams. There is no doubt that the development is going in the direction of a single world trust that will swallow up all enterprises and all states without exception. But the development in this direction is proceeding under such stress, with such a tempo, with such contradictions, conflicts, and convulsions-not only economical, but also political, national, etc., etc.-that before a single world trust will be reached, before the respective national finance capitals will have formed a world union of "ultra-imperialism," imperialism will inevitably explode, capitalism will turn into its opposite.

December, 1915.