Manjeet S Pardesiis and Amitav Acharya in Aeon:
The liberal international order or Pax Americana, the world order built by the United States after the Second World War, is coming to an end. Not surprisingly, this has led to fears of disorder and chaos and, even worse, impending Chinese hegemony or Pax Sinica. Importantly, this mode of thinking that envisages the necessity of a dominant or hegemonic power underwriting global stability was developed by 20th-century US scholars of international relations, and is known as the hegemonic stability theory (HST).
In particular, hegemonic stability theory developed out of the work of the American economist Charles P Kindleberger. In his acclaimed book The World in Depression 1929-1939 (1973), Kindleberger argued that: ‘The world economic system was unstable unless some country stabilised it,’ and that, in 1929, ‘the British couldn’t and the United States wouldn’t.’ While Kindleberger was mainly concerned with economic order, his view was transformed by international relations scholars to associate hegemony with all sorts of things. In particular, a hegemonic power is generally expected to perform one or all of three main roles: first, as the dominant military power that ensures peace and stability; second, as the central economic actor within the global system; and third, as a cultural and ideational leader – either actively disseminating its political ideas across the system or serving as a model that others seek to emulate.
More here.
Enjoying the content on 3QD? Help keep us going by donating now.