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It is time for a paradigm shift in our study of world capitalism and the global ruling class. The statecentrism informing much theorization and analysis of world politics, political economy, and class structure is less and less congruent with 21st century world developments. Global capitalism represents a new stage in the ongoing and open-ended evolution of world capitalism, characterized by the rise of transnational capital and a globally integrated production and financial system commanded by a transnational capitalist class, or TCC, that attempts to exercise its class power through transnational state apparatuses. The TCC, as the new global ruling class, has been attempting, albeit with limited success, to construct a global hegemonic bloc in which one group, the TCC, exercises leadership and imposes its project through the consent of those drawn into the bloc, while those from the majority who are not drawn into this hegemonic project, either through material rewards or ideological mechanisms, are contained or repressed. Global capitalism is in crisis. A popular revolt is spreading worldwide, thus posing many challenges. Transformative struggles must be informed by an accurate analysis of global capitalism and its ruling class.