Drawing upon the theory of hegemonic stability, this paper advances a theory of international economic structures. It places particular emphasis on analyzing the whole structure of the international economy, and not simply the absence or presence of hegemony. It finds that there is no axiomatic relationship between hegemony and free trade or declining hegemony and protection. By differentiating between non-hegemonic structures, moreover, the theory of international economic structures also calls into question the appropriateness of the ‘British’ or ‘1930’ analogy for the future of the present international economy. Finally, the theory is brieny examined through the cases of American trade policy in the inter-war period and the 1970s and early 1980s. The conclusion argues against simplistic analogies between the two periods and maintains that a considerable potential does exist for collective leadership of the international economy in the 1980s.