(New Colonialism) Second wave of colonialism (*) in the nineteenth and early twentieth centuries. During that period countries such as Belgium, the United States, Italy, Japan, and Russia followed the process initiated in the fifteenth century by some European powers. The difference between n. and imperialism (*) is currently a subject of debate. N.H. characterizes n. as late colonialism, reserving the designation “imperialism” for activities of domination exercised by superpowers or powers with global aspirations. In recent decades we have seen the emergence of a neocolonial strategy in which countries that are formally independent find themselves subject to the fluctuations of a market in fact dominated by the great powers.