Abstract:
A close relationship exists between the attainment of public goods and the
perpetuation of hegemony in the international system. The Theory of Hegemonic
Stability asserts that the private interests of the hegemon happen to be the same as
the public goods of states in the international system. In this View, the hegemon
possesses the will, in addition to the superior power to organise states in the
international system, to produce public goods. The hegemon plays a Vital role in the
creation and, arguably, the function of international regimes for the purposes of
interstate cooperation leading to the production of public goods. The international
system, on one hand, suffers when power is more equally distributed amongst
states; on the other hand, it achieves stability when hegemony exists. The study
confirmed this assertion. A close look at the post-Cold war international system
revealed several weightier factors that challenge the theory of Hegemonic Stability
than those that support its continued relevance. Multiplicity of global issues in the
period under consideration begs for the benefits of hegemony, but the peculiarities
of the international system hardly permit single-State leadership. In fact, the
challenges of the theory overturn its relevance in the post-cold War international
system. The study draws the conclusion that, American hegemony is giving way to
a multi-polar international system. The study, therefore, predicts the emergence of
"group-hegemony" in the post-Cold War international international system.
