Hegemony Essay Example | Topics and Well Written Essays - 2000 words

Hegemony - Essay Example According to the theory of hegemonic stability, â€Å"hegemonic structures of power, dominated by a single country, are most conducive towards the development of strong international regimes† so that the norms and rules of a liberal economic order that is characterized by free market principles of openness and non discrimination.1 Kindleberger states that â€Å"For the world economy to be stabilized, there has to be a stabilizer, one stabilizer.†2 As a result, hegemony is that state of international affairs where a single State assumes predominance and utilizes that predominance in order to manage world affairs and it is the hegemon that sets out to manage the world economy by setting out the rules which establish some order and predictability in international trade and finance. The hegemonic power has both the ability and the willingness to establish as well as to maintain the rules that exist in the international economic order. However, as Gilpin points out, it is not strictly necessary for a hegemonic power to exist in order for an international economy to survive and function; rather it is a liberal economic order that is based upon free market principles and non discrimination which would be unable to flourish and reach its full potential without the presence of a hegemonic power.3 The structure of the domestic economy of the hegemon as well as other countries must be geared such that there is a commitment to the market economy without which, it could lead to the emergence of imperial systems wherein the dominant power imposes political and economic restrictions on the lesser powers. There must also be a â€Å"congruence of social purpose† existing among the major economic powers; hence there are three important pre-requisites that must exist for the liberal system to expand and flourish – hegemony, liberal ideology and common interests4.(Gilpin, 1981, ch 3). The hegemonic system will also support the existence of other powerful