Two trends dominate today's world political economy. The first is growing inequality. The second is slower economic growth. Both trends have important consequences, which flow from the increased power of capital in a globalized world. The hegemony of the capitalist class is not new, but in any specific conjuncture, how its power is exercised depends on how technological possibilities are deployed, the degree of ideological clarity of the working class (broadly conceptualized), and the political activity of factions of the ruling class itself. In looking at the power of the rich in the United States, I will discuss not so much structural power but contingent developments of George W. Bush's presidency
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