The aim of this article is to illustrate why the notions of mode of production and of social formation are still necessary for understanding the transformations taking place in the modern phase of imperialism. The basic object is to demonstrate the enduring significance of the Leninist theory of imperialism as a method used to analyse the current era of the capitalist development. What we have been witnessing over the last years is not the emergence of a new mode of production or the transition to a new stage of capitalism, so-called globalization, but merely imperialism in its modern phase.
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