A Theory of Hegemonic Stability in South American Regionalism? Evidence from the Case of Brazil in UNASUR and Venezuela in ALBA

Both Brazil and Venezuela structured their foreign policy agendas in the early 21st century on the projection of their respective leadership in regional schemes such as UNASUR and ALBA, respectively, following an intermediate hegemonic strategy. The loss of dynamism of these post-hegemonic initiatives problematizes the relationship between regional governance and the role of regional powers. ALBA is a scheme contingent on the political cycle and political voluntarism intrinsic in Venezuela’s leadership. The bloc has lost members and relevance in recent years. As for UNASUR, most of its member states have withdrawn from the bloc and it is currently not operating. In short, post-hegemonic proposals lose dynamism and support once the leadership that promoted them weakens. A certain ‘hegemonic stability theory’ contextualized to South America with regard to the leadership of Brazil and Venezuela in recent years seems to be fulfilled: the decline in power of these countries helps to account for political reversals and changes in regional governance.

Is it the end of North-American hegemony? A structuralist perspective on Arrighi’s systemic cycles of accumulation and the theory of hegemonic stability

ABSTRACT The paper aims to present some aspects of the debate about the end of the hegemony of the United States, in light of the theories of systemic cycles of accumulation and hegemonic stability. Among the conclusions, the paper shows that the North-American hegemony is diminishing not only because of the emergence of new powerful countries, such as China, but because the international system, composed by new powerful actors such as multinational corporations, global cities, religious organizations and transnational terrorist groups, is diminishing the means by which the US has exercised its global power since the mid twentieth century.

The Euro, The Gold Standard, and German Power

Kindleberger’s theory of hegemonic stability states that fixed exchange rate regimes require a leader that will provide it with disproportionate resources to ensure stability. Applying his theory to European monetary cooperation, we argue that, like the tools of Goethe’s “Sorcerer’s Apprentice,” European Monetary Union was constructed as a “self-regulating system,” and it threatens to run amok without a hegemonic leader. Germany has exercised “soft hegemony” in Europe, providing the European Union with disproportionate resources to stabilize the single market. It has the capability to be the Eurozone’s leader. But, by 2017, blinded by its ordoliberal ideology, i t refused to do so, instead placing the burden of cooperation on the weak. If Germany continues to refuse to play the role of the hegemonic leader, European Monetary Union faces collapse.

Preferential Trade Agreements under Declining American Hegemony

We examine the international determinants of the formation of preferential trade agreements (PTAs) according to the theory of hegemonic stability. The main conclusions are as follows. First, as the theory of hegemonic stability argues, the lack of a stable hegemon fosters the formation of PTAs. When hegemony is measured by trade share and investment share in the global economy, the erosion of hegemony fosters PTAs. Second, hegemony measured by GDP share has a positive effect on PTA formation; however, this measure is not consistent with the theory’s prediction. Third, improvement in the level of democracy worldwide is unrelated to the formation of PTAs.

International Relations Theory in Flux in View of China’s ‘Peaceful Rise’

This paper will first explore some essential theoretical backgrounds, which contribute to the understanding of the theory of hegemonic stability (a core strand of IPE theory) with a view to examine some empirical challenges of US hegemonic power after the Second World War. Secondly, it will go on to look at the notion of neo-liberalist regional development in East Asia to understand in what ways China’s entitlement creed has been increasingly instrumental in modifying the region institutional context. Third, it attempts to apply the constructivist approach in trying to locate the culturally embedded soft power entitlement of which China has been trying to capitalize on.

Declining hegemony and assertive industrialization: U.S.-Brazil conflicts in the computer industry

Alternative explanations for the formation of U.S. foreign economic policy are explored using the acrimonious but inconclusive conflict between the United States and its largest South American ally over Brazil's restrictive policies toward the computer industry. After comparing a post-dependency/bargaining perspective, the theory of hegemonic stability, and Stephen Krasner's structural conflict model, the article argues that systemic perspectives on foreign economic policy must be complemented by an account of the interaction between the effects of international position and the dynamics of domestic politics. The resulting politicized state-centric approach, which integrates interest-based politics and ideologically defined state aims, is proposed as a means of more fully understanding the dilemmas of a declining hegemon.