Luc Boltanski and Eve Chiapello’s analysis of recent changes in capitalism – Le nouvel esprit du capitalisme - is an important contribution to the sociological analysis of capitalism. The aim of this paper is to present their main argument. It is argued that a particular important aspect of their analysis is the ideal-typical model of the new spirit of capitalism, the ideological underpinning of project-based organizations in ‘The Project World’. It is argued that the ideal-typical model of the Project World is the most elaborated description of the ‘cultural code’ of the emergent form of capitalist organizations. Last, it is discussed how we may obtain empirical evidence to test the hypothesis of a major change in capitalist organizational forms as well as in the recent spirit of capitalism.