Anthony Patch, a young socialite awaiting a massive inheritance, finds his life and marriage unraveling as he and his wife, Gloria, succumb to the aimless decadence of 1920s New York. Anthony and Gloria navigate a world defined by wealth, social status, and the pursuit of immediate gratification, yet they lack the discipline or purpose to sustain their lifestyle once their financial security begins to wane. As Anthony struggles to maintain his status while avoiding meaningful employment, the narrative tracks his slow decline into alcoholism and psychological instability. The novel utilizes a third-person perspective to dissect the internal and external pressures that erode the couple's relationship, highlighting the fragility of their existence amidst the backdrop of a rapidly changing American society.

This novel is widely recognized as a significant, if often overlooked, companion to Fitzgerald's more famous works, offering a darker and more cynical view of the American Dream. Critics frequently point to the work as a definitive portrait of the moral vacuum that characterized the post-war era. Readers often engage with the text as a cautionary study of how privilege and lack of purpose can lead to personal disintegration. The narrative's unflinching look at the slow collapse of the Patch marriage remains a central point of discussion for those interested in the social history of the Roaring Twenties.