The Relevance and Challenges of the Theory of Hegemonic Stability in the Post-Cold War Systemic Order

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.