 He goes on to indicate that imperialism is the last phase of capitalism in developed countries, but in underdeveloped countries, such as Peru, it is the first phase.In these countries, it is not a stage of advanced industrialization but rather of exploitation of raw materials, because it is the type of production that the developed world from which the imperialist capitals come from is interested in doing there; not the citizens of these countries.For this reason, he says, its initial development is slow and incomplete.