I suppose its good thing when a song about something in particular doesn't always tie itself down to a direct time or period, such as Spirit of the Falklands and Snelsmore Wood do.
Modern Times can evolve as time goes on, where as the above two are fixed to the date they are set. It reminds me of Grandmothers Footsteps. I am sure JS wrote this thinking of U.S. overseas influence, but it could relate to any Country, even our own with a foreign policy of domination, and not just of the modern age.
Stefanie, I can see now why on your site you do not try to interpret meanings of the song lyrics, and just stick to known facts. To interpret. You would have many different answers that would neither be wright or wrong.
Interesting stuff.