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Synopsis The author has thoroughly examined the concepts of modernity, postindustrialism and postmodernism and demonstrated how postmodernism is a cultural equivalent of postindustrialism which he considers as a new version of old capitalism. In his view, Daniel Bell’s theory of the end of ideology and his analyses of the cultural crisis of capitalism and postindustrialism and Alvin Toffler’s theory of the three "waves" of civilization are nothing but apology for capitalism. Dr. Virendra K. Roy has also made an indepth study of the works of major theorists of postmodernism such as Jacques Derrida, Michel Foucault, Gilles Deleuze, Felix Guattari, Jean Baudrillard, and Jean Lyotard and exposed the hollowness of the views of Frederick Jameson and Jurgen Habermas on postmodernism. In conclusion, he argues that though Marxism as a social movement has declined, it is still relevant today when the developed countries of the west have launched a new campaign of globalisation of economy for exploiting not only the economy but also the art, culture and literature of the developing and underdeveloped countries of the Third World through several multinational corporations, the International Monetary Fund and the World Bank. The author is very much enthused by Derrida’s comment that Marxism alone can provide proper remedy for the diverse malaise from which the contemporary society is suffering.