I have included in my title the opening sentences of The Modern World-System: “Change is eternal. Nothing ever changes.” It is a theme that seems to me to be central to our modern in-tellectual endeavour. That change is eternal is the defining belief of the modern world. That nothing ever changes is the re-current wail of all those who have been disabused of the so-called progress of modern times. But it is also a recurrent theme of the universalising scientific ethos. In any case, both state-ments are intended to be assertions about empirical reality. And of course both often, even usually, reflect normative preferen-ces. The empirical evidence is very incomplete and ultimately un-convincing. For one thing, the kind of evidence one can offer and the conclusions one can draw from the evidence seem to depend on the time periods measured. Measurement over short periods of time in some ways best captures the enormity of social change. Who does not think that the world looks different in 1996 from 1966? And even more from 1936? Not to speak of 1906? One need only look at Portugal — its political system, its economic activities, its cultural norms. And yet of course in many ways Portugal has changed very little. Its cultural specificities are still recognisable. Its social hierarchies are only marginally different. Its geopolitical alliances still reflect the same fundamental strategic concerns. Its relative rank in the world's economic networks has remained remarkably constant in the twentieth cen-tury. And of course, the Portuguese still speak Portuguese — not a small matter. So, which is it? Change is eternal. Or nothing ever changes. Suppose we take a longer time period, say 500 years — the duration of the modern world-system. In some ways, the changes seem even more striking. In this period, we have seen the emer-gence of a worldwide capitalist system, and along with it extra-ordinary technological changes. Airplanes circle the globe today and many of us, while sitting in our homes, can instantly contact persons at the other end of the globe via Internet, and download texts and graphics. In January 1996, astronomers announced that they are able to “see” so much further than ever before that they have quintupled the estimated size of the universe. We are now talking of there being billions of galaxies, each with billions of stars, covering a distance of I cannot begin to imagine how many light-years. And at the same time these astronomers have just uncovered planets similar to the earth around two of these stars, the first such planets they have found, ones they assert to have the climatic conditions that could support complex bio-logical structures, in short, possible life. How many more will we soon discover? Five hundred years ago Bartolomeu Dias was thought remarkable to have reached by sail the Indian Ocean, but even he never dreamed of such exotic possibilities as are now before us. Yet at the same time, we are being told by many per-sons, including many social scientists, that we have reached the end of modernity, that the modern world is in terminal crisis, and that we may soon find ourselves in a world that resembles the fourteenth century more than the twentieth. The more pessimistic among us foresee the possibility that the infrastructure of the world-economy, in which we have invested five centuries of work and capital, may go the way of the Roman aqueducts. Suppose we now lengthen our horizons even more, to a period of some 10,000 years. This takes us back to a moment in time when neither Portugal nor any other contemporary politico-cultural en-tity existed, to a moment in time which; is almost beyond our ability to reconstruct it historically, to a-moment in time be-fore agriculture was a significant human activity. There are those who look back on the multiple hunting and gathering bands that flourished then as structures in which humans work many fewer hours per day and per year to maintain themselves than they do today, whose social relations were infinitely more egalitar-ian, and which operated in an environment that was far less pol-luted and dangerous. For some analysts, the so-called progress of the past 10,000 years may therefore rather be said to consti-tute one long regression. And, for some furthermore, the expecta-tion and hope is that this long cycle is near an end, and that we may be returning to the “healthier” conditions of yesteryear. How may we appraise such contrasting views? And how may we deal with the issues under