The Fin De Siecle Debate: Globalization as Epochal Shift

Behind the economic turbulence and political trans-formations of recent decades is the transition from the nation-state phase of World capitalism to a new transnational phase. While many detractors of globalization focus on global trade, the process is driven by the transnationalization of capital Ownership, Which in turn leads to the rise of a transnational bourgeoisie that sits at the apex of the global order. Parallel to the transatlantic and transpacific integration of capital there has been an inte-gration of Southern capitalists into the emergent system of transnational capital. A transnational hegemony is replacing a declin-ing U. S. hegemony, although supra-national structures are still not capable of providing the economic regulation and political conditions for global capitalism to function smoothly. In this period of extraordinary conflict, upheaval, and uncertainty, the role of popular classes Will be crucial. But their struggles must take on a transnational perspective and engage in transnational organizing.