The meaning and utility of sovereignty as an operative concept in transnational politics are suspect. The traditional conception of sovereignty that looks on the state as the supreme actor in the global community does not help us in either defining current international problems or in fashioning workable solutions. This is most apparent in the Third World. States that have been hostage to the ravages of colonialism and the asymmetrical relationships inherent in global capitalism face increased marginalization and decay in a post-Cold War world. This book fuses a critical discussion of sovereignty in its theoretical form with the political and economic issues confronting the Third World today.