The Supposed emergence of a New World Order has quickly become one of the cliches of the 1990s. First enunciated by President Bush in the context of US attempts to mobilize international support for the Gulf War, the phrase has already been defined and redefined in countless journalistic analyses of recent events in Eastern Europe, the Gulf itself and lately of course the Soviet Union. This is not the place to add directly to that debate. It is obvious that the world order of the 1990s is very different from the post-1945 order. Briefly expressed, it is constituted by the interplay between, on the one hand, a new but still unequal diffusion of power between the core states of the world (the United States, the European Community [EC], and Japan) and, on the other, a new concentration of power in the hands of international capital.