Political Economy of Multilateral Hegemony and Gramscian Paradigms: Conceptual Synthesis of Hegemony in Neo-liberalist

A true understanding of the concepts of “power” and “hegemony” is quite necessary. These concepts are of very high importance as far as the U.S is concerned since this country has left much influence on the process of the developments of the global system of political economy and is still the most influential country in this regard. Various hypotheses have sought to find out and present a new hegemony i.e., a beyond-national global capital hegemony or some return to US hegemony. The latter is variously termed as American hegemony seeking, American hegemonic reconstruction, or American hegemonic stabilization. However, without the above-mentioned conception we may not have a good judgment whether these hypotheses are "realist" or "idealist". So in the context of International Political Economy (IPE) and the literature available in this field of study, the present article seeks to synthesize the concept of hegemony in the Neo-liberal Institutionalist paradigm based on the interdependency principle and in the Gramscian materialist one. Having presented some deficiencies in these conceptualizations, the article explains multilateralism as the fundamental principle of hegemony. Thus whether we consider the necessity of pluralist cooperation presented by Neo-liberal institutionalists in the post-hegemonic order era or the concept of capital transnational hegemony presented by the Gramscian School as a criterion for analyzing the global political economic system, multilateralism principle would be the foundation of this synthesis. Consequently any attempt towards the emergence of some new hegemony, reconstruction of US hegemony, or its stabilization in the global political economic system would be fruitless in default of multilateralism.