An alliance of Europe and the Third World; statism replacing the market internationally with socialism resulting at home; a contraction of American income as the U.S. loses the ability to appropriate the output of the rest of the world. The case for these provocative prospects is based on some good and some poor arguments. The faults that many readers will find with Mr. Hudson's interpretation of the past and present should not blind them to the need to think seriously about a number of the possibilities he suggests for the future.