Discussed the importance of international public goods in international political and economic relations, especially institutional international public goods. Starting from the theory of hegemonic stability, this article analyzes international trade, monetary finance, and world peace mechanisms, and constructs a theoretical framework for international public goods. By studying the historical evolution of global international systems, this paper explores the transformation of international public goods from a hegemonic model to a global governance platform. It points out that the generation and operation of international public goods are not limited to hegemonic countries, providing a historical perspective for the current supply of international public goods.

The International Public Goods Theory and Its Controversies within the Framework of Hegemonic Stability Theory

Introduced the concept of international public goods and their importance in international relations. International public goods originated from the concept of public goods in economics, with economic and political attributes, and their generation depends on international institutions. Hegemonic stability theory is the origin of international public goods theory, emphasizing the crucial role of hegemonic countries in providing international public goods. Charles Kinderberg and Robert Gilpin linked international public goods with hegemonic countries, believing that hegemonic countries play important roles in the international trade system, international monetary and financial system, and international security system. However, Keohan and Joseph Nye questioned the direct causal relationship between hegemonic states and the international economic order, and proposed that the generation path of international institutions is diversified, including power dominant, equal consultation dominant, and international organization dominant. The theory of hegemonic stability has theoretical flaws in explaining the generation and operation of international public goods, and fails to fully consider the attributes and characteristics of international public goods in different problem areas.

The Hegemonic Model of Two Institutional International Public Goods and Its Critique

Deeply explored the hegemonic model of institutional international public goods and the criticisms it faces. The theory of hegemonic stability holds that hegemonic countries provide international public goods, but this theory has shortcomings in explaining the development and changes of the multilateral trading system, international monetary and financial system, and international security system. In the multilateral trading system, the United States initially established trade hegemony, but with the change of international power structure, the multilateral trading system has shifted from the American hegemony model to the joint leadership of the United States and Europe, and then to the globalist supply model, reflecting the evolution of the international public goods supply model. In terms of the international monetary and financial system, the United States established dollar hegemony through the Bretton Woods system, but with the disintegration of the system and the establishment of the Jamaican system, dollar hegemony became a lever for the supply of public goods in the international monetary and financial field, serving the interests of American hegemony. In the international security system, the theory of hegemonic stability cannot explain the development of the international security order, because the international security system is a product of cooperation and competition among major powers, rather than provided by a single hegemonic country. After the end of the Cold War, the rise of global security governance requires the international community to share responsibility, and the theory of international security public goods based on hegemonic models is no longer suitable for the development of the times. Overall, the theory of hegemonic stability cannot fully explain the generation and operation of institutional international public goods. Institutional international public goods in different fields have different generation paths and operation modes.

The non hegemonic model of three institutional international public goods

Explored the non hegemonic models of institutional international public goods, emphasizing that in addition to hegemonic models, the development of international public goods also involves non hegemonic models. This model is particularly important in dealing with new issues and fields in post-war international relations, and its generation path is mainly based on consultation and cooperation between countries, especially within the framework of the United Nations. The international development agenda and international development financing system, international maritime system, and international environmental system are three new representative areas, and their creation and operation models demonstrate the characteristics of non hegemonic models.

Four Discussions: Global Governance and Institutional International Public Goods

After the end of the Cold War, global governance emerged, and the international public goods model dominated by Western hegemony faced a legitimacy crisis, making it difficult to explain the complex trends of global governance. The international community has recognized that the stability of the international economic order cannot rely on hegemonic models, and it is necessary to reform the global economic governance system and rules, and achieve diversified supply of institutional international public goods. Global governance includes international institutions, rules, and mechanisms. International institutions are the path of cooperation and governance platform, and the status of institutional public goods is highlighted. On the basis of multipolarity, non hegemonic institutional international public goods develop under the framework of global governance, with diverse paths of generation and operational modes. More countries rely on international organizations to create new institutional products, break the hegemonic model, and expand institutional agendas. The acceleration of global governance in the 21st century requires innovation and institutionalization of international public goods in emerging fields. The combination of factors such as changes in US hegemony, global governance challenges, and increased demand has resulted in insufficient supply of international public goods. The hegemonic model is not in line with the era of global governance, and global public goods have become the core concept. The establishment of a global public goods system platform through international cooperation is an effective path to promote global governance. The willingness of emerging countries to participate in global governance has increased, and the creation of new institutional international public goods will reshape the global governance pattern and expand the path of non hegemonic global governance.