▁leading ▁English ▁Liberal , ▁developed ▁a ▁highly ▁influ ential ▁economic ▁explo itation ▁model ▁in ▁Imperial ism : ▁A ▁Study ▁( 1 9 0 2 ) ▁that ▁expanded ▁on ▁his ▁belief ▁that ▁free ▁enter prise ▁capital ism ▁had ▁a ▁negative ▁impact ▁on ▁the ▁majority ▁of ▁the ▁population . ▁ ▁In ▁Imperial ism ▁he ▁argued ▁that ▁the ▁finan cing ▁of ▁over se as ▁emp ires ▁dra ined ▁money ▁that ▁was ▁needed ▁at ▁home . ▁ ▁It ▁was ▁inv ested ▁abroad ▁because ▁lower ▁w ages ▁paid ▁the ▁workers ▁over se as ▁made ▁for ▁higher ▁prof its ▁and ▁higher ▁rates ▁of ▁return , ▁compared ▁to ▁domestic ▁w ages . ▁ ▁So ▁although ▁domestic ▁w ages ▁remained ▁higher , ▁they ▁did ▁not ▁grow ▁nearly ▁as ▁fast ▁as ▁they ▁might ▁have ▁otherwise . ▁ ▁Ex port ing ▁capital , ▁he ▁concluded , ▁put ▁a ▁lid ▁on ▁the ▁growth ▁of ▁domestic ▁w ages ▁in ▁the ▁domestic ▁standard ▁of ▁living . ▁. ▁ ▁By ▁the ▁ 1 9 7 0 s , ▁histor ians ▁such ▁as ▁David ▁K . ▁Field house ▁and ▁O ren ▁H ale ▁could ▁argue ▁that ▁the , ▁" H ob son ian ▁foundation ▁has ▁been ▁almost ▁completely ▁demol ished ." ▁ ▁The ▁British ▁experience ▁failed ▁to ▁support ▁it . ▁ ▁However , ▁European ▁Social ists ▁picked ▁up ▁Hob son ' s ▁ideas ▁and ▁made ▁it ▁into ▁their ▁own ▁theory ▁of ▁imperial ism , ▁most ▁not ably ▁in ▁Len in ' s ▁Imperial ism , ▁the ▁High est ▁Stage ▁of ▁Capital ism ▁( 1 9 1 6 ).