The concept of hegemonic stability in international relations suggests that global order is most stable when a single nation-state holds a dominant position, providing leadership and order. This hegemon creates and enforces rules that govern international economics or security, promoting cooperation among states. Such stability can lead to predictable relations and reduced conflict, fostering economic prosperity and security. However, the decline of a hegemon may lead to disorder and increased competition, prompting shifts in power dynamics and the emergence of new leadership structures in the international system.