With the approach of 1992 and the heralding of a new chapter in the internationalization of economic life, it is important to try and understand how sovereign nation-states are related in the international order. The author looks particularly at the role Britain plays in the world economy and inquires into the effect that the American economy has had on Britain’s strategy for economic reconstruction. The centre of the book is a critique of hegemonic theory in international relations and especially of the capitulation thesis which sees Britain submitting to American hegemony between 1945 and 1951.