This paper examines the state of cultural studies, primarily in the United States and Northern Europe. Arguing for a radically contextualist and conjuncturalist understanding of the project of cultural studies, it suggests that cultural studies emerged in particular forms as a response to a particular geo-historical conjuncture. However, while the conjuncture has changed significantly, these older forms of cultural studies have congealed into a ‘‘center’’ that has limited its ability to contribute to a better understanding of ‘‘what's going on,’’ of the possible future and the realities and possibilities of both domination and contestation. The paper suggests an understanding of the present conjuncture as a struggle, from both the right and the left, against liberal modernity and the attempt to shape an alternative modernity as the future. It suggests some of the ways cultural studies might have to rethink itself if it is to respond to this conjuncture.