大衛．哈維提出兼容資本與領土的雙邏輯新帝國主義理論來解釋發生在美國新帝國主義下的戰爭與地緣衝突。然而，雙邏輯的新帝國主義理論可能會出現某種現實主義時刻。本文為馬克思主義的新帝國主義理論朝現實主義靠攏的危機提供分析及辯護。我先指出傳統馬克思主義理論的不足，說明為什麼新帝國主義理論可以提供更好的理論框架。接續，我指出什麼是馬克思主義新帝國主義理論的現實主義時刻及其問題。藉由區分強、弱版本的現實主義時刻，我主張新帝國主義理論可以妥善解釋弱版本的現實主義時刻，但是它無法也無需解釋強版本的現實主義時刻。

David Harvey proposed a dual-logic, new-imperialist theory, compatible with capital and territory, to explain the wars and geopolitical conflicts under the American new imperialism. However, the dual-logic theory of new imperialism may produce its realist moment. This paper aims to analyze and defend the crisis in which the Marxist new-imperialist theory moves toward Realism. I first high-light the shortcomings of traditional Marxist theory and explain why the Marxist new-imperialist theory can provide a better theoretical framework. I then indicate the realist moment in the Marxist new-imperialist theory and its problems. By distinguishing between the strong and weak versions of its realist moment, I claim that the new-imperialist theory can properly explain the weak versions but cannot and does not need to explain the strong version.