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From the moment Social Democracy was compelled by virtue of the maturity of its institutions to formulate policy and strategy, Marxists have feared for the timeliness of their theoretical commitments. Efforts to brings Marxism up to date most often manifested themselves as theories of "imperialism." In this episode, we do our best to unpack this capacious concept, with an eye to learning what we can from its use by Second International social democrats. And since this terrain contains an unusual number of sacred cows, we've come armed.