In discussing the question of protectionism Strange contends that her structural understanding of the international political economy - with four structures; security, production, finance, knowledge - shows that concerns about trade 'inefficiencies' as a disruptive element within the international system miss the real problem. She argues that trade is only a 'secondary structure' which is influenced and shaped by the primary structures. The disruption in the international system and trade relations is in fact a symptom of disruptions within the primary structures, and especially the financial structure. This article represents a forceful precursor to **States and Markets (1988)** and is the first time that Strange lays out in its fullest form her structural approach to power within the international political economy, including primary and secondary structures.