Much of the confusion surrounding the nature of current American foreign policy stems from the fact that the conflicting interpretations are cast within the framework of analysis developed by Hobson and Lenin half a century ago. Those who deny the existence of American imperialism do so on the grounds that the facts do not fit those particular theories. Others insist upon the validity of the old formulations. But Hobson and Lenin wrote during and about the heyday of imperialism, whereas the world today finds itself in the fuzzy halflight provided by the twilight of imperialism and the dawn of world socialism. The problem, therefore, is to develop a description and theory appropriate to the changed circumstances.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.