In this article Strange argues for the centrality of questions surrounding the nature of risk and how it is mitigated, managed and transferred in the international economy. In addition she suggests five structures of power in IPE, noting that she is adding to the Marxist concept of a production structure. The others are the financial, security and knowledge structures she would continue to use as well as an element she termed the 'welfare structure'. This fifth structure was to account for politically determined arrangements which allocate the risks to human life and contentment. The structural theory of **States and Markets (1988)** is emerging in this chapter, but is as yet not fully developed.