Today, many processes in society do not have the proper justification from the standpoint of modern sociological theory. Among these processes, we can mention the development of practices of symbolic consumption, the growth of deviant behavior and crime, an increase in social tension and mental disorders. Of course, social scientists give different explanations for these phenomena, but they are more likely explanations of the consequences. The crisis of sociological multiparadigm is the most striking confirmation of the inability of sociologists to explain today's changes in society. Nowadays, sociologists are focusing on creating an illusory postmodern theory instead of an attempt to explain the essence of the processes having place in society. The purpose of our article is to justify the fallacy of the postmodern theory and to identify the root cause of changes in society, the essence of which is the emergence of a neocapitalist formation. This formation is based on symbolic consumption, and material production in it goes by the wayside. Neocapitalism, striving to create symbolic needs instead of satisfying real needs, replaces the traditional moral values of the pursuit of status consumption. The concept of neocapitalism that we propose allows us to explain the recent changes in the economy, society, and culture. This concept is important not only for the development of science, but it can also be used in practical activities