The core of this article is a comparative analysis of the double movement of the late nineteenth and early twentieth century (the belle époque and collapse of British hegemony) with the double movement of the late twentieth and early twenty-first century (the belle époque and current crisis of U.S. hegemony). In both periods the movement toward allegedly self-regulating markets called forth a countermovement of protection. Nevertheless, important differences exist due, first, to differences in the nature of the hegemonic state and, second, to the greater role of subordinate forces in constraining the movement toward self-regulating markets in the late twentieth century.