'Maintaining Equilibrium Theory' and Its Application Into Research on Hegemonic Shift

The main aim of my presentation is to present a project of my PhD research which I called ‘Maintaining Equilibrium Theory’, which answers the question of how regional power reacts to systemic pressures generated from hegemonic shift. When hegemonic system is in a decline, the level of anarchy in the international system increases. Regional powers, which benefited from hegemonic system, want to block these tendencies. They noticed that each of great powers is seeking to increase the size of its alliance to potentially dominate the opponent's alliance. Thus regional powers take advantage of this tendency by creating and maintaining equilibrium with both major powers (hegemon and challenger). Equilibrium can be defined as a state of systemic balance created by the interchangeable implementation of an ever-increasing number of agreements initiated by a regional power, mainly economic, which have strategic importance for each great power. Such an equilibrium strengthens relations between states, stabilizes the international system, and improves the economic position of both states. Equilibrium strongly influences great power behavior. When regional power establishes equilibrium with given great power, it tries to increase their expenditure in order to finally include regional power in their sphere of influence. Regional power noticed that extending such cooperation may cause increasing dependence on given great power. Thus regional power begins the initiation of the next equilibrium with the second great power, thereby reducing the degree of dependence on the first great power. Moreover, the degree of cooperation is increasing, which stabilizes the system and reduces the destructive effects of anarchy. Thus the main hypothesis of ‘Maintaining Equilibrium Theory’ is that regional powers strive to diversify their strategy by establishing and improving relations with each of great power because keeping the equilibrium as long as possible stabilizes the system and maximizes regional power’s profits.