This essay explores the matter of hegemony in the global system from the standpoint of global capitalism theory, in contrast to extant approaches that analyse this phenomenon from the standpoint of the nation‐state and the inter‐state system. It advances a conception of global hegemony in transnational social terms, linking the process of globalisation to the construction of hegemonies and counter‐hegemonies in the twenty‐first century. An emergent global capitalist historical bloc, lead by a transnational capitalist class, rather than a particular nation‐state, (...) bloc of states, or region, is pursuing a hegemonic project. The US state is seen as the point of condensation for pressures from dominant groups to resolve problems of global capitalism. US‐led militarisation is a contradictory political‐military response to the crisis of global capitalism, characterised by economic stagnation, legitimacy problems and the rise of counter‐hegemonic forces. (shrink)