So far in our series on theory, we’ve looked at the historical emergence of Marxism. But by the time Marx finished writing Capital, capitalism was still developing and changing. The fundamental characteristics of the capitalist mode of production haven’t changed. Commodity production and exploitation of workers’ surplus value by the capitalists remain the driving force of the capitalist system. And it remains a system plagued by regular cycles of crises of overproduction, pushing poor and working-class people further down while the rich get richer and richer. But by the beginning of the 20th century the internal motion of capitalism’s contradictions led to its advancement to a higher stage: monopoly capitalism, also known as imperialism.