In the report the author reveals the contradiction between the productive forces and production relations that characterize the era of late capitalism, a stage in which the mode of production cannot be developed without using to a certain extent the elements of post-capitalist relations. The author proves that the decline of neo-liberalism and the growth of a new conservative wave are objectively conditioned. The prevailing model of late capitalism that has led to the domination of the market of simulacra, to the expanding the useless sector of the economy, financialization and stagnation, called the ‘new normality', cannot ensure the progress of the productive forces that are on the verge of not just another technological revolution, but a qualitative change – the genesis of the economy in which a decisive role will be played not by reproductive, but by creative work. The coming creative revolution determines the need of the currently dominant social and economic system's reform. The lack of these changes is fraught with conservative regress of both the economy and society. The report provides a substantiation of this conclusion based on the updated classical Marxist methodology and systematizes the main directions of reforming the system of economic relations that respond to the challenges of the progress of the productive forces.