Gilpin’s book provides a comprehensive examination of the interplay between economics and politics in international relations, arguing that global economic outcomes are deeply shaped by the interests and power of states. He reviews the three major paradigms of international political economy—liberalism, mercantilism, and Marxism—tracing their intellectual roots and showing how each frames the relationship between markets and state power. Gilpin places particular emphasis on the concept of hegemonic stability: the idea that a dominant power (such as the United States after World War II) is crucial for establishing and maintaining the rules and institutions that underpin a stable global economy. He illustrates this with the creation of the Bretton Woods system, the IMF, and the World Bank, all of which depended on American leadership.

The book also explores how the decline of American hegemony, the rise of new economic powers, and the resurgence of economic nationalism in the 1980s threatened the postwar international order. Gilpin analyzes substantive issues such as international trade, monetary systems, multinational corporations, and economic development, always linking them back to the strategic interests of states. He argues that neither economic nor political forces are ever truly dominant; rather, it is their interaction that shapes the international system.

Gilpin concludes by warning that as the world becomes more multipolar—with new actors like Japan and the European Union challenging U.S. dominance—managing economic competition and accommodating diverse interests will be essential to avoid instability and crisis. He calls for new forms of global economic governance that reflect the realities of a changing world.