How does the contemporary novel imagine utopian possibility in the wake of the global dominance of the United States in the second half of the twentieth century?  This chapter suggests that we can discern two forms in which the novel responds to this perceived waning of American power. The first of these is an elegiac strand in the contemporary American novel, which mourns the failure of the American ideal and laments the exhaustion of its historical possibility. The second sees in the same failure of US hegemony not the winding down of a world view, but the emergence of new forms of cultural hybridity, new subject positions that come to thought only now, in the wake of the “American century.” This chapter suggests that, in order to understand the persistence of utopian thinking into the contemporary moment, one has to attend to both of these strands in the novel after American hegemony. The old word is dying, we might say, in an echo of Gramsci’s famous line, and the new cannot be born. It is in this interregnum that we find not only morbid symptoms, but the emergence of new forms of utopian possibility.