The article exposes and analyzes some basic features of Western society at the turn of the century. Following Stuart Hall's criticism of the concept of "the West and the rest", it discusses the supremacy of the so-called "free world". The essay then deals with the Pyrrhic victory of capitalism over communism by analyzing the overwhelming success of the market economy. The meaning and role of labour during the same period is explicated and evaluated. The treatise also discusses the global effect of science and technology on the change of modes of production, consumption and the environment. The problems arising from demographic change as well as the risk which modern society is involved in are also thoroughly assessed. Finally, the author concludes that contemporary society is still engaged in a relentless process of formation and transition.