TO understand the imperialism of our time and the ongoing anti-imperialist struggles, it is necessary to trace their origins back to the Russian Revolution of 1917. The October Revolution was the first anti-imperialist and anti-capitalist revolution in the world. Lenin had set out his theory of imperialism in 1916, arguing that imperialism is driven by the need of capitalist powers to find new markets, secure access to resources and identify new avenues for exporting capital. This process generates rivalry, conflict and global exploitation.

Lenin's theory of imperialism brought together the struggle of the working class in advanced capitalist countries and national liberation struggles of peoples of the colonies and semi-colonies. His theory also provided a crucial understanding of the inter-imperialist contradictions that lead to war. This theory informed the revolutionary strategy that Lenin developed for Russia, which he described as the weakest link in the imperialist chain. Lenin called for the transformation of the imperialist war into a civil war against Tsarism.

Two important developments followed from this historic revolution.

First, the establishment of socialism in Russia, which later became the Soviet Union, introduced a new global contradiction between imperialism and socialism. For the first time, socialism had become a material reality through the success of a revolution.

The second important development was the wave of revolutions that transformed the twentieth century. These revolutions were, in different ways, anti-imperialist in character. Beginning with the Russian Revolution, this process continued through the Chinese, Vietnamese, Korean and Cuban revolutions.

These revolutions involved struggles for national liberation against imperialist powers or struggles against domestic ruling classes that were subordinate to, or allied with, imperialism.

The balance of forces between imperialism and socialism helped strengthen these national liberation struggles. The socialist movement and the movement for national liberation became increasingly intertwined, contributing to the liberation of most of the colonies held by the imperialist powers.

The post-Second World War period was marked by the hegemony of US imperialism. Under US leadership, the imperialist system sought to defend and consolidate its global position at a time when anti-colonial movements and national liberation struggles were gathering strength. The US-led imperialist bloc waged a Cold War against the socialist bloc.

THE IMPERIALIST GLOBALISATION OFFENSIVE

The revolutionary currents of the twentieth century were, however, reversed during its last two decades. The development of international finance capital, driven by unprecedented concentration and centralisation of finance capital from various countries, was a new feature of this period. This, in turn, fuelled finance-driven globalisation, which thrust neoliberal capitalism across the world. This imperialist globalisation offensive coincided with, and accelerated, the collapse of the socialist bloc in Eastern European countries and the disintegration of the Soviet Union.

UNPARALLELED DOMINANCE OF US

US-led imperialism emerged triumphant in the 1990s, and it appeared that a unipolar world was being established. Under US leadership, imperialism embarked on an aggressive agenda. Following the terrorist attacks of September 11, 2001, a "war on terror" was declared. Afghanistan was invaded in 2001, followed by the occupation of Iraq in 2003 and the massive destruction that ensued. Later, Libya and Syria were subjected to military interventions.

The neo-conservative vision of reordering the world unfolded, ultimately ending with US resorting to indiscriminate military force without achieving any tangible results. The limits of US military intervention were exposed. In Afghanistan, the Taliban returned to power in 2021, following the withdrawal of all US troops.

Contemporary imperialism is characterised not only by military intervention but also by economic coercion and economic warfare.

US and its Western allies impose economic sanctions on countries they regard as threats to their hegemony or whose governments refuse to comply with US demands. Such countries may be designated as state sponsors of terrorism or treated as pariah states. Numerous countries continue to face sanctions imposed by the US and its allies. Cuba, Venezuela, Iran and North Korea have been among the worst affected.

Meanwhile, under neoliberalism, finance capital flourished, leading to steep inequalities within the advanced capitalist countries and between rich and poor nations. The unbridled plunder of natural resources and the pursuit of profit maximisation at all costs led to environmental degradation and global warming.

At the turn of the twenty-first century, US imperialism was at the height of its power. It could exercise unbridled hegemony through its economic and military might, utilising the strength of its allies, such as the G7 and NATO. But within the first decade of the century, things began to change.

CHALLENGES BEFORE US IMPERIALISM

Contemporary imperialism, with US as its leading power, faces three major challenges: the crisis of neoliberalism, the rise of China as a major economic and technological power, and the growth of multipolarity. These developments are interconnected and reflect the relative decline of US predominance over the long term.

The 2008 global financial crisis highlighted the crisis of neoliberalism. Since then, neoliberal capitalism has been unable to resolve the crisis and appears to have reached a dead end.

Unable to find a way out of this impasse, ruling classes are increasingly resorting to neo-fascist forces to divert attention by targeting migrants and religious or ethnic minorities. The last decade and a half has witnessed the rise of far right and neo-fascist forces in various countries. This is most dramatically evident in Europe, with the National Rally in France, Alternative for Germany (AfD) in Germany, Brothers of Italy, Vox in Spain, Reform UK and others.

In Latin America, the far right has made significant advances, with the Trump administration backing these forces in Argentina, Chile, Colombia and Brazil. US imperialism is increasingly relying on these far right and neo-fascist regimes to sustain its hegemony and influence. The Netanyahu government, the most extreme right-wing government in Israel's history, has been a staunch ally of Trump. The genocidal war on Gaza has received the full backing of both the Biden and Trump administrations.

RISE OF CHINA

China's rapid economic growth, technological advances and capacity for innovation have significantly enhanced its political and international influence. The US views China as a strategic challenge to its hegemony and to the existing imperialist order.

China is making rapid advances in emerging technologies, including artificial intelligence, quantum computing and robotics. In several fields, it has emerged as a leading power and is challenging established US technological advantages.

Efforts to prevent China from accessing or developing advanced technologies have so far failed to halt its progress.

MULTIPOLARITY

Among the capitalist countries of the Global South, many of which maintain close relations with US, there is a growing tendency to adopt more independent positions in pursuit of their national interests. This tendency is reflected in the expansion of BRICS and in efforts to strengthen regional cooperation. The strategic understanding between China and Russia is another important factor.

The Shanghai Cooperation Organisation, BRICS and other initiatives for cooperation among countries of the Global South reflect the search for alternatives to a world order dominated by the US.

The movement towards multipolarity does not eliminate the contradictions among the participating countries, nor does it mean that all of them share an anti-imperialist outlook. Nevertheless, these developments indicate that the international balance of power is becoming more complex and less concentrated in the hands of a single hegemonic power.

RECKLESS STEPS TO MAINTAIN HEGEMONY

It is in this context that we must understand the Trump phenomenon in the United States. Trump is attempting to preserve US economic and technological leadership. His slogans of "America First" and "Make America Great Again" reflect an effort to reverse what the US ruling class perceives as a loss of economic and geopolitical predominance.

The US ruling classes are seeking ways to restore their economic power and dominance. It is against this background that Trump took office in January 2025. His slogan of "America First" is being translated into action.

The use of coercive tariffs against various countries, including US allies, and efforts to get them to invest capital in production in the US are intended to strengthen the US economy. Various other steps are being taken to ensure that the Western Hemisphere remains under US hegemony. These include the revival of the Monroe Doctrine in a new form and efforts to install right-wing regimes across South America. This strategy also has an economic dimension, particularly in relation to the control of Venezuela's vast oil resources.

President Trump is increasingly prone to resort to military action, as seen in the Venezuelan episode. In June 2025, he bombed three nuclear sites in Iran, acting in alignment with Israel. He is now engaged in a prolonged military aggression against Iran, which has continued for the past eight months.

All this resembles a form of gangster imperialism that recognises no norms or limits. Although the economic and political influence of US has declined and multipolarity has grown, it continues to be the world's strongest military power. The indiscriminate use of this military power to assert its hegemony is, in fact, a measure of desperation.

PARADOXICAL SITUATION

There is, therefore, a paradoxical situation today. The war against Iran has demonstrated the limits of military intervention in the pursuit of US hegemony. Iran's refusal to capitulate and its fightback through asymmetric warfare have exposed the weakening of US dominance. Yet, the unrestrained use of US military, economic and technological power under Trump is causing damage and setbacks to national sovereignty and progressive forces.

Latin America is a prime example. The US has not only captured Venezuelan President Maduro but has also been able to exercise control over the country's regime and oil resources. Trump has successfully backed far-right candidates in seven presidential elections over the past eighteen months, including in Chile, Honduras and Colombia, defeating progressive candidates. Brazil has been the exception, where Lula secured a remarkable victory after trailing in the first round to Flavio Bolsonaro.

The Trump administration has targeted Cuba for regime change. The fuel blockade imposed on Cuba, along with other hostile economic measures, is causing tremendous suffering among its people and threatening the very existence of the Cuban socialist system. Trump has also facilitated Israel's ongoing genocide in Gaza and the annexation of the West Bank.

The struggle against US imperialism must, therefore, take both these aspects into account. Strategically, US imperial power is in decline over the long term. Tactically, in the immediate term, the US retains immense military and economic power that it can deploy.

This is where Mao Zedong's dictum becomes relevant. Mao stated: "Strategically, we should despise all our enemies, but tactically, we should take them all seriously." Applied to US imperialism, this would translate as: "Strategically, we should despise US imperialism, but tactically, we should take it seriously."

This means that while we should recognise the long-term limits of American hegemony, we must take seriously its continuing capacity to inflict damage through military intervention, economic coercion and political destabilisation.

GROWING RESISTANCE

Resistance to imperialist aggression and neoliberal policies is also growing. Millions of people have participated in protests against Israel's war on Gaza and the genocide of the Palestinian people. London, Paris, Rome and other European and Latin American capitals have witnessed mass protests.

Similarly, Europe has recently seen huge demonstrations by school students demanding better educational facilities in France, with trade unions joining them. There have also been mass protests in Spain, Italy, Portugal and Germany against the rising cost of living, housing shortages and inadequate educational facilities.

The defeat of Viktor Orbán's party in Hungary and the victory of the student movement in Serbia demonstrate that opposition to right-wing authoritarianism is growing.

The struggle against the imperialist order and neoliberal capitalism must be waged in every country by mobilising the working class, peasantry, youth and marginalised communities. In India, this means that the struggle against the Hindutva-corporate regime is part of the broader anti-imperialist struggle, as the Modi regime is a firm ally of the United States and Israel.

The spark lit by the October Revolution of 1917 in the struggle against imperialism remains very much alive today.