Mosler and Catley examine the rise of the United States to the status of a great power by the beginning of the 20th century, its maturation as a superpower during the co-dominion of the Cold War, and its emergence as a hegemonic power after the collapse of the Soviet Union. As a hegemon it has pursued the globalization of a liberal world order.

The key institutions and characteristics of the United States which enable it to become a hegemonic power, are examined as indicators of its likely behavior as a dominant power in the 21st century. The evolution of the liberal international political and economic order pursued by the United States since World War One and established by the Bretton Woods Conference of 1944 is examined in the context of the global meltdown of the late 1990s. The role of the United States in the creation of the system that we now call globalization is scrutinized and its development into the next century is anticipated. In their final section, Mosler and Catley analyze the possible challenges to the United States as a hegemonic power in the 21st century and the prospects for war and peace and social and economic development in the new millennium. This is an important analysis for scholars, researchers, policymakers, and concerned citizens interested in international relations and American foreign policy.