The article begins with a cri tique of a variety of Marxist theories on capitalist development and the hegemony of the United States. These theories either see capitalism in stagnation and American hegemony in decline since the 1970s or understand neoliberalism as the American way to permanent hegemony. The former fail to explain accumulation during the era of neoliberalism, the latter can’t explain the current crisis of neoliberal capitalism. As an alternative a Luxemburgian approach is suggested, which proceeds in two steps. One, core concepts of Rosa Luxemburg’s Accumulation of Capital are introduced and the Marxist debate about her work reviewed. This is necessary because of the absence of any tradition of Luxemburgian political economy. Second, from a Luxemburgian perspective post-war capitalism developed in two phases, each of which was possible because class-struggles and international conflicts had opened non-capitalist environments for capitalist penetration. The first phase gave rise to consumer capitalism and neo-colonialism; the second was characterized by accumulation by dispossession that rolled back welfare states in the North and developmental states in the South, while also integrating formerly state-socialist countries, notably China, into the capitalist world-system. Cet article commence par une critique de plusieurs théories Marxistes sur le développement capitaliste et l’hégémonie des Etats-Unis. Soit ces théories constatent un capitalisme en stagnation et une hégémonie américaine en déclin depuis les années soixante-dix, soit elles décrivent le néolibéralisme comme la voie américaine vers l’hégémonie permanente. Celles-ci ne peuvent pas expliquer la crise actuelle du capitalisme néolibéral, tandis que celles-là échouent à expliquer le processus d’accumulation du capital pendant l’ère néolibérale. Comme alternative, l’auteur propose une approche inspirée par Luxemburg, en deux temps. Premièrement, il introduit les concepts clés de l’Accumulation du capital de Rosa Luxemburg et résume les ...