Rough Waters traces the evolution of the role of the U.S. merchant ship flag,and the U.S. merchant fleet itself. Rodney Carlisle looks at conduct andcommerce at sea from the earliest days of the country, when battles at seawere fought over honor and the flag, to the current American-owned merchantfleet sailing under flags of convenience via foreign registries. Carlisleexamines the world-wide use, legality, and continued acceptance of thispractice, as well as measures to off-set its ill effects.

Looking at the interwar period of 1919–1939, Carlisle examines how thepractice of foreign registry of American-owned vessels began on a large scale,led by Standard Oil with tankers under the flag of the Free City of Danzig andfollowed by Panama. The work spells out how the United States helped furtherthe practice of registry in Panama and Liberia after World War II. Rough Watersconcludes with a look at how the practice of foreign registry shapespresent-day commerce and labor relations.