I compare ancient with modern empires and show why hegemony beyond the military realm is possible only in the modern capitalist world. I examine Germany, Spain and France, which failed to achieve hegemony, along with the three successive hegemons: the Netherlands, Britain, and the United States. I identify the elites that were created and strengthened by their home polity’s empire or hegemony, and enumerate the factors that allowed some colonial elites to achieve high levels of autonomy. Colonial elite autonomy or high levels of elite unity in the metropole prevented or undermined hegemony.