Postmodernism emerged in the late 20th century as a critical response to assumption of modernity particularly the beliefs in grand narratives and universal truths. This research work analyses the canonical debates ‘for’ and ‘against’ postmodernism. Marxist-inspired theorists believe that modernity and postmodernity represent the two different stages of capitalism. It is not taken as an abrupt turn from capitalism because the core agenda of wealth accumulation still applies. The proponents argue that postmodernism challenges the dominant narratives/universal truths which had greatly marginalized the alternative voices in the history like those belonging to post-colonial and non-western societies. Conversely, the opponents believe that postmodernism undermines the probability of objective knowledge and collective action. The paper explores the intellectual tensions between varying perspectives and its relevance to the contemporary world. Like how postmodernity has become an ideology normalizing neo-liberal capitalism to restore class power rather than the emergence of entirely new post-industrial society.