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private capitalism's pursuit of profit as an end itself.
Whilst the British exploited their imperial possessions, they did so by allowing private capital to develop their economies.
However, because the two spheres of the US state and private capital remain rela- tively autonomous, their interdependencies are potentially contradictory.
This kind of analysis reflects the fact that although there is a mutually interdependent, or symbi- otic, relationship between states and private capital, they are also in potential competition for economic resources- as they
e not proved profitable for private capital to deliver to all strata he in society the levels of welfare deemed to be necessary by the or state, acting in its capacity as the 'collective capitalist' for the
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