HST or Hegemonic Stability Theory is a theory that deals with international relations. According to this theory Hegemonic Stability indicates that the relationship in our international systems is likely to remain more stable when hegemon or a single nation dominates the world power. Rooted in researches from the field of economics, political science and history it has been ascertained by certain scholars that the fall of an existing hegemon or the state of no hegemon diminishes the stability of the existing international relationship in the socio-political arenas.
It has been observed by the historians that when a hegemon exercises leadership, either through coercion, diplomacy or persuasion, it actually deploys its â€œpreponderance of power’Â which proves beneficial for the states which accepts its hegemony.
The single handed dominance of the hegemonic rules and arrangements in the field of international economic relations and politics, often helps in providing highly reliable security for all those nations that accepts the hegemon’s rule.
One of the most notable scholar who is closely associated with the Hegemonic Stability Theory is Charles P. Kindleberger, who is also regarded by many as the father of HST. In 1973 Charles Kindleberger argued in his famous book â€œThe World in Depression: 1929-1939’Â, that the economic disorder that happened between the World War I and II which eventually lead to the Great Depression, happened partially because there was an absence of a world leader with an dominant economy during those times.
Apart from the so called father of HST, Kindleberger, some of the other notable scholars those who are key figures in development of this theory are Stephen Krasner, Modelski, Robert Keohane, Robert Gilpin and others.
Some of most essential benefits of HST which has been noted by these much reputed scholars are.
Stable international free trade
It has been observed that the presence of a hegemon, leads to the provision of a stable international regime of free trade, as hegemon provides necessary leadership for the emergence of international regimes in several areas of business and economic growth.
Preservation of stability and peace
In a research work done by Gilpin on the analysis of war and hegemonic stability, it has been noted that HST which advocates hegemonic power, is central to the preservation of peace and stability in the international system.
Growth and development in military and para-military industries
Since it is utmost essential that a hegemon must have all the necessary military force and national power to forge new international laws and organizations, it has been noted that hegemonic nations spends a large sum of money for honing and developing their military and para-military skills, that leads to the growth and prosperity of industries those who caterer to such skills.
Prevents the rise of anarchy
It has been theoretically assessed that the existence of a hegemon according to the HST, helps in preventing the rise of anarchy in other states that have accepted the hegemonic rule. It so happens because hegemony helps the ruling nation to dictate its rules on smaller states and thus abolish anarchy in those nations that is governed by the hegemonic rule.
According to HST scholars like Mearsheimer, Doyle and Fukuyama, it has been argued that hegemony is conducive for diminishing terrorist activities in states which follows the hegemonic rule. This happens because hegemon restores the balance of power in all the states that is ruled by the hegemon which in turn helps in resolving terrorist activities.
Researches on HST can be divided into two schools of thoughts, which are the realist school and the systemic school that has helped to develop and enforce the rules of this theory.