From many years of everyday contact with the economic aspects of American foreign policy Dr. Feis has distilled his well-balanced judgments. He finds the causes of the breakdown of nineteenth century patterns of international trade and finance in: (1) the uncertain swings of the business cycle; (2) the resistance of vested interests in this and other countries to liberal policies; and (3) the shock of violent political changes. Until security returns to the international scene, American trade policy must take on the character of a weapon of national defense. Long-run ideals, although not discarded, must give way for the moment to realistic opportunism. In a style always interesting, and at times eloquent, Dr. Feis has clarified the present position of the United States in world affairs, and furnishes guideposts to help the discerning reader in charting the probable future course of American policy.