Millennial Capitalism: First Thoughts on a Second Coming

he global triumph of capitalism at the millennium, its Second Coming, raises a number of conundrums for our understanding of history at the end of the century. Some of its corollaries—“plagues of the ‘new world order,’” Jacques Derrida (1994: 91) calls them, unable to resist apocalyptic imagery—have been the subject of clamorous debate. Others receive less mention. Thus, for example, populist polemics have dwelt on the planetary conjuncture, for good or ill, of “homogenization and difference” (e.g., Barber 1992); on the simultaneous, synergistic spiraling of wealth and poverty; on the rise of a “new feudalism,” a phoenix disfigured, of worldwide proportions (cf. Connelly and Kennedy 1994).1 For its part, scholarly debate has focused on the confounding effects of rampant