The Implications of Hegemonic Struggle: A Critical Appraisal

Abstract The article is on hegemonic struggle between the US/Allies and the Emerging Powers led by China and Russia; it is aimed at identifying its possible implications for global peace and security. It adopted the Hegemonic Stability Theory as a guide and applied historical design as methodology by the review of related literature. It observed that some studies concluded that the Emerging Powers are no longer willing to be led by the US/Allies which has facilitated the reform of old and the creation of new global governance institutions, reduced global poverty, diversify export market etc.; however, we uncovered that the struggle has increased protectionism, reduced global economic growth, increased capital flight from emerging markets, increased exchange rate fluctuation and possible currency war; weakening the UN democratic ideals of constitutionalism and universalism, increased cyber war, creating counter alliance formations leading to increased arm race, deterrence and crisis bargaining coupled with geopolitical territorial revisionism/neo-neo-imperialism. The study recommends the metamorphosis of the United Nations into the global sovereign to secure the global public goods; the integration of the NDB and CRA into IMF and World Bank as the lenders of last resort and the submission of every territorial dispute/human right concerns to the ICJ and International Court of Arbitration for Adjudication. Keywords: Implications, hegemonic struggles, global peace/security, US/Allies and Emerging Power