Is the Soviet Collapse Dragging the United States Down? [with Reply and Rejoinder]

The mix of old and new in the United State's role as world leader creates ambiguity and confusion. The United States is looking for ways to regain its lost economic punch and to consolidate its world hegemony. At present, however, with no true enemy on the horizon, it is being dragged down by the Soviet collapse. The twentieth century was a period of transition but not from capitalism to socialism. The nonmarket alternative or challenge represented by the Soviet Union gave capitalism the means to overcome many obstacles to its reproduction and raise profits to new levels. The United States occupied a privileged position in that process. However, the twenty-first century demands new solutions for capitalism's inherent contradictions, and as a result the United States is apparently still trying to invent a new Soviet Union.