Hegemonic decline leads to global instability
Paudel 20 (Sirish Paudel is currently pursuing his Master's degree in International Relations from SIPA Jilin University, “Decline in US Hegemony: Will this Result in Hegemonic War or not?”, Modern Diplomacy, September 3 2020, https://moderndiplomacy.eu/2020/09/03/decline-in-us-hegemony-will-this-result-in-hegemonic-war-or-not/, AYW) //SH
According to this theory, a hegemon creates a stable international economic order characterized by market openness but its decline results in global instability. This hegemonic effect of open trade benefits all participants, especially, weaker states that do not have any burden of public goods. In this sense, global economic stability is born out of hegemony and provides provision of collective public goods and in doing so facilitates a stable international system.
The motivation to create an economic openness lie in the interest of the hegemon – it has the largest economy and so benefits most from open markets. In addition, only hegemons have the material capability (political and military) to provide public goods and induce other states to embrace open trade. [4]