What is at issue here, I suggest, is a confusion over what I characterise as expansive and `imploding' phases of world capitalist development. My argument is that the expansive phase of world capitalism is over. The expansive phase of capitalism was characterised by the extension of the fundamentals of economic activity, namely trade and productive investment ever further into more and more areas of the globe; that phase has now been succeeded by a phase of deepening, but not widening capitalist integration.