The answer is plain to see: the two explanations are not contradictory. A combination of the two enables us to understand what has been happening right before our eyes.

In her book titled The Accumulation of Capital, published in 1913, Rosa Luxemburg devoted an entire chapter to international loans in order to show how the great capitalist powers of the time used the credits granted by their bankers to the countries of the periphery to exercise economic, military and political domination on the latter.