Global Capitalism: The New Transnationalism and the Folly of Conventional Thinking

Abstract The current moment must be seen from a stadial perspective on capitalist development. A new transnational stage is marked by the rise of transnational capital, a transnational capitalist class and state, and novel relations of power and inequality in global society. Recent events do not represent a new U. S. bid for hegemony amidst heightened inter-imperialist rivalry. Faced with increasingly dim prospects for a viable transnational hegemony, transnational elites have mustered up fragmented and incoherent responses involving heightened military coercion, the search for a post–Washington Consensus, and acrimonious internal disputes. This militarized globalization is less a campaign for U. S. hegemony than a contradictory political response to the explosive crisis of global capitalism. Yet the power of collective agencies to influence history is enhanced at such times of crisis, rather than of stability and equilibrium.