An examination of the hegemonic stability theory which maintains that the presence of a powerful institution, with strong leadership and the power to impose sanctions, becomes even more necessary to maintain a liberal world economy.
Written in 2002; 1,225 words; 6 sources; MLA; $ 41.95
Paper Summary:
This paper examines the theory of hegemonic stability and how it applies to the current climate of globalism. The first part of the paper traces the early roots of hegemonic stability theory, and how hegemons have regulated the international liberal economy through various historical periods. The second part examines the growing critiques to hegemonic stability theory. In the last part, the paper looks at the new theories that have been proposed to shed light on the new economic order, and compares how these new theories compare to the theory of hegemonic stability.
From the Paper:
"One of the earliest proponents of hegemonic stability theory was Charles P. Kindleberger, who maintained that the only way to ensure stability within the international economy was for a single country to "assume responsibility for maintaining a relatively open market" (cited in Lake, 147). For Kindleberger, a country's ability to stabilize the international economy rests largely on its size and its position within the larger economic system. Small states that cannot affect the international economy are ?free riders.? Middle-sized states that are big enough to cause damages but not substantial enough to stabilize the economic order are considered "spoilers" (Lake, 147).
Finally, the large states have both the size and the capability to stabilize the international economy. Therefore, only these states should assume the mantle of leadership (Lake, 157). Robert Gilpin further refined Kindleberger's original formulation by proposing a more nuanced view of the interrelationship between nation states. First, Gilpin challenged the primacy assigned to the economic system by recognizing a reciprocal relationship between the market and the policies of nation states. While states may set rules for investors and multinationals, the state policies, interests and actions are themselves shaped by economic and technological forces (Gilpin 24)."
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