The Theory of Hegemonic Stability The proponents of...

The Theory of Hegemonic Stability The proponents of hegemonic stability theory argue that an open liberal world economy requires a hegemonic or dominant power.[^15] Hegemony is essential because hegemonic structure of power, dominated by a single country is most conducive to the development of strong international regimes whose rules are relatively precise and well obeyed.

Domination of the world by a single country as Keohane suggests is an integral part of the theory.[^16] Kindleberger puts it more clearly: “For the world to be stabilized, there has to be a stabiliser, one stabiliser.”[^17] By virtue of power, the hegemony should…