On the one hand, there has been a remarkable expansion of the total production and productivity of food production, and on the other hand an extraordinarily skewed distribution system, substituting medium-run threats for short-term threats for the majority of the world's population, particularly the 50 to 80 percent at the bottom.

One by one, these governments came undone, and were forced into IMF tutelage (and national illegitimacy) by the careening oil prices, the debt imbroglio, and falling terms of trade. The last of these governments to fall were the Communist regimes of eastern Europe, which have now gone the way of other Third World countries. The second in the cascade of bifurcations is thus symbolized by 1989.

What distinguishes the historical social system we are calling historical capitalism is that in this historical system capital came to be used (invested) in a very special way. It came to be used with the primary objective or intent of self-expansion. In this system, past accumulations were 'capital' only to the extend they were used to accumulate more of the same.

Communism is Utopia, that is nowhere. It is the avatar of all our religious eschatologies: the coming of the Messiah, the second coming of Christ, nirvana. It is not a historical prospect, but a current mythology. Socialism, by contrast, is a realizable historical system which may one day be instituted in the world.

An individual or a group of individuals might of course decide at any time that they would like to invest capital with the objective of acquiring still more capital. But, before a certain moment in historical time, it had never been easy for such individuals to do this successfully.

The concept that one ought to restrict one's political involvement to one's own state was deeply antithetical to those who were pursuing the accumulation of capital for its own sake.

It is historically the case that virtually every new zone incorporated into the world-economy established levels of real remuneration which were at the bottom of the world-system's hierarchy of wage-levels.