Harry Morgan, a desperate boat captain, finds himself entangled in illegal smuggling operations during the Great Depression, leading to a series of violent and tragic consequences. Facing severe financial hardship, Morgan attempts to maintain his independence by transporting contraband between Cuba and Florida. He encounters various figures of the criminal underworld and the wealthy elite, highlighting the stark economic disparities of the era. The narrative utilizes a shifting perspective, moving between Morgan's direct experiences and the observations of those around him, which emphasizes the isolation of his position. As he navigates these dangerous waters, he is forced to confront the limits of his own morality and the harsh realities of survival.

Readers frequently highlight the stark contrast between the protagonist's rugged individualism and the bleak socio-economic backdrop of the Great Depression. Discussion often centers on the fragmented narrative structure, which some critics argue creates a disjointed reading experience while others praise it for capturing the chaotic nature of the era. The novel is often analyzed for its cynical tone and its unflinching look at the moral compromises required for survival. Many readers note that the pacing is uneven, reflecting the erratic life of the central character. Ultimately, the work remains a subject of debate regarding its structural cohesion compared to the author's other major works.