Clearly designed as a textbook for advanced students of international political economy, Gilpin's book is by far the best yet to come out of the American school. Students in Europe too will welcome his clear, fair-minded and comprehensive exposition of recent developments and debates in theories of the world economy-though Holsti's complaint in A Divided Discipline (1986), that American writers are oblivious to authors that are not American, with a few exceptions, still holds good. There is, however, a logical inconsistency at the heart of the book between his historical analysis and the conclusion that the United States has lost its hegemony and must share leadership with Japan. Alas, poor Europe!
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