Scholarly debate on territorialized geopolitics and internationalized capitalist accumulation has reached an impasse. Advocates of empire and transnational class and state formation underestimate the staying power of nation-states in the contemporary global order and extend theoretical claims beyond what the evidence allows. State-centric theorists of U. S. supremacy, meanwhile, fail to appreciate the subordination of all states to the law of value, operating in and through the uneven, hierarchical, and hypercomplex world market. Finally, theorists of "dual logics" cannot grasp the dialectical integration of state and capital. A way out of the impasse lies through the notion of a complexly stratified world system, which stresses capitalist specificity, capitalist totality, the multiplicity of states and capitals, and the ordering of the world in an imperialist chain. Understanding the world as complexly stratified in this way has serious implications for the conceptualization of contemporary imperialism.