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Despite the past high degree of convergence and integration between Europe and the USA, the threats created by recent pressures and circumstances require a new look at the relations between state and market. Changes in the international system, the gradual erosion of state control over industrial change, public action and political authority, and changes in American and European economic, political, technological, social and demographic conditions have created a wide array of problems that render the current environment quite unreconizable from that of the Cold-War world. European and American academics and public officials discuss the social and cultural circumstances that create different roles for market forces in Europe and America. The authors make projections about how the role of the state and the market will be reshaped on both sides of the Atlantic.