Hegemonic Stability Theory ¹

The world is only stable and peaceful when there is one world power looking over the international system. ¹
- Creating public good: international law, international institutions, standard of procedures
- Super power must take lead to make things possible
- Leader set rules of the system ²
- Find ways to enforce the rules or get states to voluntarily comply ²
International cooperation is possible

[!example|right]

Britain era of free trade in Europe

US Bretton Wood international trade system, dollar standard, overseas investment

What is a hegemon? ³
1. Significantly stronger than other states in the system on both economic and military dimensions;
2. Aware of its power preponderance and willing to use it to shape its international environment according to its interest and values; and
3. Active/proactive in the building, developing, and sustaining of various international institutions, which reflect the negotiation and renegotiation of hegemonic bargains with other states in the system/structure.

References