Scholars often interpret balance of power theory to imply that great powers almost always balance against the leading power in the system, and they conclude that the absence of a counterbalancing coalition against the historically unprecedented power of the United States after the end of the Cold War is a puzzle for balance of power theory. They are wrong on both counts. Balance of power theory is not universally applicable. Its core propositions about balancing strategies and the absence of sustained hegemonies apply to the European system and perhaps to some other autonomous continental systems but not to the global maritime system. Sea powers are more interested in access to markets than in territorial aggrandizement against other great powers. Consequently, patterns of coalition formation have been different in the European system and in the global maritime system during the last five centuries. An empirical analysis demonstrates that counterhegemonic balancing is frequent in Europe but much less frequent in the global system. Higher concentrations of power in the global system lead to fewer and smaller rather than more frequent and larger balancing coalitions, as well as to more frequent and larger alliances with the leading sea power than against it.

Scholars typically define appeasement as a policy of satisfying grievances through one-sided concessions to avoid war for the foreseeable future and, therefore, as an alternative to balancing. They traditionally interpret British appeasement of Adolf Hitler in the 1930s as a naïve attempt to maintain peace with Germany by satisfying his grievances. The standard conceptualization of appeasement and the empirical treatment of the 1930s, however, are theoretically limiting and historically incorrect. Appeasement is a strategy of sustained, asymmetrical concessions with the aim of avoiding war, at least in the short term. There are three distinct variations of appeasement: (1) resolving grievances (to avoid war for the foreseeable future); (2) diffusing secondary threats (to focus on a greater threat); and (3) buying time (to rearm and/or secure allies against the current threat). British appeasement was primarily a strategy of buying time for rearmament against Germany. British leaders understood the Nazi menace and did not expect that appeasement would avoid an eventual war with Germany. They believed that by the time of the Rhineland crisis of 1936 the balance of power had already shifted in Germany's favor, but that British rearmament would work to reverse the balance by the end of the decade. Appeasement was a strategy to delay an expected confrontation with Germany until the military balance was more favorable.