Subtitled "Simulation of Global War and Strategic Building 1950-2001"
Description from Nicholas Palmer's book The Comprehensive Guide to Board Wargaming (Sphere 1980): Arms Race has the USA and USSR (and China in a three-player version) slugging it out from 1950 to 2001 with armor, infantry, fighters, bombers, spy satellites, U-2s, guerrillas, transports, subversive political groups, secret foreign services, extensive production rules, and the threat of nuclear war.
Players: two to four (The basic game is for two or three, but an expansion kit which is actually an extra sheet of counters and a half-page scenario description allows for a Germany that survived WW II).
Period: postwar
Time scale: seasonal
Ground scale: about 600 miles to the inch?
Unit scale: abstract - army corps?; naval fleet; air force
Components (review copy included the expansion kit)
1 - cover page with goofy ray-gun art, unit cost chart on back
1 - six-page rules booklet
1 - unit identification chart
3 - unit production charts
1 1/2 - pages of scenarios
5 - sheets of counters with crude artwork
2 - 17x19" area-movement maps that mate to show the whole world, very crudely drawn and badly printed.