There is no need for one country to colonize another in today's contemporary society. The entire world's landmasses have been explored, and every country can stand for itself at the present time. There will always be protectorates that need extra help militarily. Peace treaties between sovereign nations have kept the peace in the world, in general, for 70 years. There is no need for colonies--it's time to trade with other countries for goods, not plunder another area's resources like in the colonial times of 300 years ago.
Colonialism is alive and well, in a day in age where some nations own others, economically speaking. The difference between toady's economic colonialism and the Imperial colonialism of the past is only one of governance. Of course in imperialism, there was a variability of self governance, where some colonies were allowed more sovereignty than others. Still, in the same way today, there is a degree to which a debt laden nation is not sovereign, but controlled by those whom it owes money. This is colonialism.
Colonialism still does exist. The only different now is that we have the UN to punish it. They should have punished Denmark and Britain for their crimes against Greenland and northern Ireland, respectively, since they refuse to let go of them. Anyways, yes colonialism still does exist. That's why the Gulf War occured.