We seem to be in the midst of a process of cascading bifurcations that may last some 50 more years. We can be sure some new historical order will emerge. We cannot be sure what that order will be. Concretely, we may symbolize the first bifurcation as the effect of the world revolution of 1968 which continued up to and including the so-called collapse of the communisms in 1989, the social bifurcation.

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.

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.

What can be done? Well, the governments of the world can undertake what amounts to a vast clean-up campaign and a vast campaign of organic renewal. The problem is the cost of an effective operation, which is enormous, and thus must be paid by someone via some form of taxes.

A second variety concentrated on presumed major transformations of the capitalist system as of some recent point in time, in which the whole earlier point of time served as a mythologized foil against which to treat the empirical reality of the present.

The way in which these two practices contain each other is that it has always been possible to use the one against the other: to use racism-sexism to prevent universalism from moving too far in the direction of egalitarianism; to use universalism to prevent racism-sexism from moving too far in the direction of a caste system that would inhibit the work force mobility so necessary for the capitalist accumulation process.

It was the French Revolution that served as the catalyst of this renovation. Its impact was to make the concept of popular sovereignty the new moral justification for the political system of historical capitalism.