Hegemonic stability theory and eco-political instability in the interwar period

In this thesis, how the international system, which was led by the England in the 19th century and the US after the Second World War, diverged from interwar period (1919-1939) in terms of ensuring economic and political stability. In addition, the causes of economic problems such as commercial protectionism, monetary non-system, excessive borrowing and the Great Depression in the interwar period were analyzed. An explanation is provided within the framework of the Hegemonic Stability Theory that the requirements of liberal capitalism such as free trade and a common monetary system cannot be met in the interwar period. When these requirements, which are considered as public goods in the theory, are met by a liberal leader, the process of stability in the international system follows was discussed. As a result; in the last two hundred years of modern capitalism, the times when there was a leader who provided public goods were found to have a more stable economic structure. While the system became stable thanks to the economic and political institutions established by England in the 19th century; After World War II, the USA stabilized through Bretton Woods institutions. However, it was observed that there was no country that took the leadership of the international system in the interwar period. Accordingly, it was concluded that the eco-political instabilities in the period increased.