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Neoliberalism is the particular ideology of capital friendly state action through which the United States has sought to revive its hegemony after the crisis of the 1970s. Quite successful in attaining this objectivein the late 1980s and especially in the 1990s, neoliberalism has nonetheless reached its limits in recent years as the Bush Administration’s embrace of the Project for a New American Century in response to the events of September 11 has precipitated a newand far moreserious crisis of US hegemony.The purpose of this article is to provide an interpretation of this new crisis that may throw some light on the longer-term and deeper causes of the crisis of neoliberalism.