1 minute read

For the uninitiated, please go ahead and google the first part of the subject line - "Hegemonic Stability Theory". You'll find a few informative web sites. If you really want to know more, your best bet is to go to your local library or a bookstore and pick up a book on International Political Economy (IPE). Hegemonic Stability is a controversial theory in the field of IPE. One view suggests that when there is a rise of a hegemon or superpower, the world economy tends to grow and prosper, because the hegemon is willing to incur costs of enforcing free trade, sound money, peace and security to support its own interests. Of course, there are other perspectives.

Today, a couple decades after the Cold War, the United States is undoubtedly the hegemon. Great Britain used to be several decades ago, and Spain and Portugal way before that. One aspect of the theory states that the hegemon declines over time and another takes its place. The declining hegemon is the topic I would like to share my thoughts on.

We've had several crises in the United States. The one we are facing right now seems to be quite formidable. Can we recover from it? Or are we evidencing the hegemon in decline? Is the United States giving up its hegemonic position? I have seen coverage in the media which may lead you to believe that there is a shifting trend. I am listing a few sources below. You decide:

Fareed Zakaria's book: The Post-American World


Kishore Mahbubani's article:

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Read this doc on Scribd: Europe is a geopolitical dwarf


Charlie Rose interviews Parag Khanna:

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Updated:

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