Rules governing international commerce often evolve according to the wishes of the powerful. (a) How useful is hegemonic stability theory in accounting for the creation and stability of the postwar international economic regime? (b) Describe the problems that arise when the hegemon is no longer able to effectively carry out its role

What will be an ideal response?

At the systemic level, one of the most influential theories of global trade is hegemonic
stability theory. Hegemonic stability theory, which is also used in theories of global
conflict (see Chapter 7), is based on the proposition that free trade and international
peace depend upon a single predominant great power, or hegemon, that is willing and
able to use its economic and military might to enforce rules for international interaction.
A hegemon is much more than a powerful state; rather, it refers to an instance where
a single state has a preponderance of economic and military power, a dominant
ideology shared by the world, and the willingness to exert its power and influence.