'The Tragedy of Great Power Politics' W. W. Norton & Company, NYC 2001:1-366. The basis of this “hegemonic cooperation” is the leadership of the hegemonic state; its appeal rests on attractive implications about distribution. Long Cycles in World Politics. "The Theory of Hegemonic Stability.". Learn how and when to remove this template message, "Why the Rise of China Will Not Lead to Global Hegemony", http://www.mtholyoke.edu/acad/intrel/pol116/hegemony.htm, "Hegemonic Stability Theory and Economic Analysis: Reflections on Financial Instability and the Need for an International Lender of Last Resort", "The United States - Reluctant Sheriff or Potential Hegemon? Various schools of thought and theories have emerged in an attempt to better understand hegemonic actors and their influence. He agrees with Paul Kennedy's claim of "imperialistic overstretch" being one of the reasons that hegemons fall. He contends that the system naturally goes toward equilibrium. , In addition to Kindleberger, key figures in the development of hegemonic stability theory include Robert Gilpin, Joanne Gowa, Robert Keohane, Stephen Krasner, George Modelski and others.  Economic interdependence of China derives from the fact that they are a producing state rather than a consuming state. Hegemonic Stability Theory (HST) The emergence of HST began in the Cold War era as a theory stemmed from the field of International Political Economy (IPE). Seattle: University of Washington Press, 1987, 100, 135 and 227. Beyond Krasner’s explanation of his theory’s failings through the lagging of the dependent variable, several other issues appear to be prevalent throughout his work. In this case, his dependent variable is economic openness, and his independent variables are the distribution of potential economic power: national income, per capita income, military power and geopolitical position. Krasner tests his theory for different time periods, and then we see that this theory "fails;" although the theory is valid for 1820-1880 (the begininng of the era of first globalization), 1900-1914 (British hegemonic power falling) and 1945-1960 (post WWII era), it is not for the other periods tested. Keohane sees power as tied into resources and production. Eventually, Gilpin contends, a dissatisfied great power that approaches the power distribution, approaches the equivalence of the current hegemon will cause a new global war and the cycle repeats. Also, the modern invention of nuclear weapons, and the presence of a superior air force provide highly reliable security for the country, setting it apart from the rest of the world. Institutions, Strategic Restraint, and the Persistence of American Postwar Order. The hegemon would begin to undermine the institution when it is not in their interests. The theory was developed in the 1970s to explain the Pax Britannica and the Pax Americana. Initiated by Charles P. Kindleberger the theory of hegemonic stability generally argues that „states can only cooperate economically with one another when a hegemonic power holds the ring, economically or militarily“. He suggests that the five long cycles, which have taken place since about 1500, are each a part of a larger global system cycle, or the modern world system. The General Agreement on Trade and Tariff was signed into legislation by 23 nations in 1947, “locking in” preference for open markets - reflecting the liberal convictions of the strongest competitors in the system, particularly those of the US. A brief introduction to the concept of hegemonic stability theory in international relations. , Competing theories of hegemonic stability, Terry Boswell and Mike Sweat. The state entity may take time to realize that it wields the power on an international scale, but just as importantly, the citizens of the state may not notice the power they wield. According to hegemonic theory high level of openness and stability of international system can be maintained when there is a single hegemonic country that meets the following requirements: In fact, HST demonstrates that their needs theoretical requirements for world leadership that China should strive to achieve in order to gain hegemonic status that include whether China has the will to lead and the ability to lead. Thus, China's economic woes are one of the barriers to its hegemonic aspirations. This implies a loss or decreased power of US as a hegemon. Krasner, M. C. (1989). Moreover, this debt is financed largely by China through the purchase of U.S. Treasury bonds. International regimes theory proves to be correct by being inevitable. "The Pax Americana Debate". The theory of hegemonic stability relies on multiple perspectives such as liberal, historical and structural (Sobel, 2012). I am feeling a bit nostalgic for Hegemonic Stability Theory. However, hegemonic stability theory (HST) correctly describes China’s current rise and aspiration. Domestic influences upon international monetary cooperation in major states were a crucial determining factor in the global economic stability or lack thereof in the interwar and post-WWII periods. Hegemonic stability theory This post will discuss two prominent IR theorists' models for the concept of hegemonic stability. A hegemonic state is indeed that; the most powerful state. China's economy is export heavy as its driving force lies in "export processing measures". However, at other times he identifies this variable simply as whether or not there is a hegemonic power present, essentially turning the independent variable into a binary variable. In order to achieve this authority as a hegemon in the international system there are key attributes a state must possess in order to secure a stable position through competitive capability. When periods of global war, which could last as much as one-fourth of the total long cycle, are factored in, the cycle can last from 87 to 122 years. This essay will assess the relevance of hegemonic stability theory (HST) in analysing today’s global political economy. Hegemonic stability theory (HST) is a theory of international relations, rooted in research from the fields of political science, economics, and history. Theorie der internationalen Beziehungen; Realismus Hegemony Sources Polarity Unipolarity centralization monopolization one Hegemon ensures peace Parchami, Ali (2009). HST or Hegemonic Stability Theory is a theory that deals with international relations. ", George Modelski. Hegemonic comes from the Greek word “hegemon”, meaning leader. Other articles where Hegemonic stability theory is discussed: hegemony: …of realist analysis known as hegemonic stability theory, the presence of a hegemon (say, Britain in the 19th century and the United States after 1945) generates patterns of stability within the international system. At the end of that period, "the title of most powerful nation in the world switches hands.". Hegemonic Stability Theory. Long Cycles in World Politics. Only when Portugal gained hegemony after 1500 is that distinction made. Because "world politics is not a random process of hit or miss, win or lose, depending on the luck of the draw or the brute strength of the contestants," anarchy simply doesn't play a role. However, hegemonic stability theory (HST) correctly describes China’s current rise and aspiration. Tariff levels are not the only way to control barriers to trade. A superior navy, or air force is. On the other hand, China is taking advantage by industrializing its army using their wealth. A Hegemonic state is one which is powerful enough to be capable of influencing the events throughout the world. Hegemonic Stability Theory (HST) The emergence of HST began in the Cold War era as a theory stemmed from the field of International Political Economy (IPE). Next, Great Britain served twice, first during the 18th century, then during the 19th century. In his book of 1973 The World in Depression, Kindleberger as an economic historian explained the outcome of the great depression at the beginning of the 20th century with the weakness of Great Britain to stabili… Alternatively, citizens may think their state wields more power on an international scale, or that their power is still ascending on an international scale while in reality it may have stalled or begun to decline. Hegemonic Stability Theory (HST) is a theory of international relations.Rooted in research from the fields of political science, economics, and history, HST indicates that the international system is more likely to remain stable when a single nation-state is the dominant world power, or hegemon. With the decline of the hegemon, institutions don't automatically die, because they were constructed in a way that benefited all stakeholders; instead, they take on a life of their own (see regime theory).. The theory of hegemonic stability, as applied to the world political economy, defines hegemony as preponderance of material resources. "Missouri Western Faculty Discuss Iraq War. Hegemonic comes from the Greek word “hegemon”, meaning leader. Thus, the fall of an existing hegemon or the state of no hegemon diminishes the stability of the international system. Hegemonic Stability Theory a. Overview. The theory of hegemonic stability in our international system requires a single, predominant state to enforce the rules of the system. Specifically, the theory holds that markets will tend to be most Hegemony demands power, which is defined by British scholar Susan Strange as the ability of one party to affect outcomes such that their preferences take precedence over the preferences of other parties.  With these abundant resources and power in the hands of the United States, they still remain as the leader "in a single superpower world". Hegemonic stability theory is a theory that attempts to explain changes in the degree to which the international political economy is "open" or "restricted" on the basis of the power relations between the major states in the world system. 14; Stephen Krasner, 1976; for an overview, Gilpin, 1987: 72-80, 85-92). Hegemonic stability theory been the focus of substantial scholarly attention in recent years. Benefits of hegemonic stability theory. In defining Hegemonic Stability theory (HST) it is necessary to understand the meaning of hegemonic. The limits of hegemonic stability theory Duncan Snidal The "theory of hegemonic stability" is widely discussed as an explanation for the successful operation of the international system in certain circum-stances and the failure of international cooperation in other circumstances. Hegemonic Stability Theory Initiated by Charles P. Kindleberger the theory of hegemonic stability generally argues that „states can only cooperate economically with one another when a hegemonic power holds the ring, economically or militarily“. , The United States is still considered by most analysts to be at the top of the world, both economically and in terms of military strength.  However, the emergence of new giants threatens U.S. hegemony by creating new power centers all over the world. Krasner uses a s… Also, other factors- for example, domestic political instability, environmental degradation, public health issues, and demographic trends- could possibly hinder China's ascent to great power status.. Ikenberry 1999. This change will be potentially stronger if a major conflict (Unpublished) Realist inspired hegemonic stability theory does bring the leadership component of hegemony back into the picture. The theory of hegemonic stability in our international system requires a single, predominant state to enforce the rules of the system. Peninsularity and insularity provide added security, and, where naval power is necessary, the ability to project military forces. It is motivated by 'enlightened self-interest'; the hegemon takes on the costs because it is good for all actors, thereby creating stability in the system, which is also in the interests of all actors.  The export dependent structure could severely dampen economic growth if demand for Chinese exports is reduced by another economic crisis in the United States. Hegemonic stability theory (HST) is a theory of international relations, rooted in research from the fields of political science, economics, and history. stability of great power relations, there is little evidence that a mere shift from either unipolarity or multipolarity to bipolarity inevitably leads to hegemonic conflict. Review of International Studies, 183-198. This essay therefore argues that in the short-to-medium term the IRT will sustain correct, while there is a probability that the HST will be proven correctly in the long term. HST indicates that the international system is more likely to remain stable when a single nation-state is the dominant world power, or hegemon. International regimes theory proves to be correct by being inevitable. A hegemon in IR is a state that has the capacity and also the will to lead in the international arena. Similar to a global war, the hegemon's job is to keep their newly founded order. As explained above the dependent variable in this theory is economic openness. According to hegemonic theory high level of openness and stability of international system can be maintained when there is a single hegemonic country that meets the following requirements: Krasner defines two states to be the hegemons, especially when looked from an international political economy perspective: the British Empire until the beginning of the 20th century, and the United States from that point onwards. Hegemonic stability theory is basically a realist prescription of how to achieve international stability in an anarchical international system. Snidal, D. (1985). Long Cycle Theory, espoused by George Modelski, and World Systems Theory, espoused by Immanuel Wallerstein, have emerged as the two dominant approaches to the systemic school of thought. Hegemonic stability is a much subtler theory of ideological preponderance. It was developed by Charles P. Kindleberger in the early post-war era, focusing on the motives and behavior of the dominant state, or a hegemon. As hegemon since the end of that period, `` a military,. As hegemon his paper Krasner switches from one interpretation of the international arena or.... Waves, and its neighbors are strong allies, and its neighbors are strong,... Stability relies on multiple perspectives such as liberal, historical and structural ( Sobel 2012. ’ s independent variable as the distribution of power, giving it the of. And have spent the past several decades demonstrating their new system, global war, the U.S. as the of! 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