There are only a small number of ideas for stabilizing the moduli of string
theory. One of the most appealing of these is the racetrack mechanism, in
which a delicate interplay between two strongly interacting gauge groups fi
xes the value of the coupling constant. In this paper, we explore this scen
ario. We find that, quite generally, some number of discrete tunings are re
quired in order that the mechanism yield a small gauge coupling. Even then,
there is, in general, no systematic weak coupling approximation. On the ot
her hand, certain holomorphic quantities can be computed, so such a scheme
is in principle predictive. Searching for models which realize this mechani
sm is thus of great interest. We also remark on cosmology in these schemes.