A Theory of Hegemonic Stability in South American Regionalism? Evidence from the Case of Brazil in UNASUR and Venezuela in ALBA

Abstract Both Brazil and Venezuela structured their foreign policy agendas in the early 21st century on projection of respective leadership regional schemes such as UNASUR ALBA, respectively, following an intermediate hegemonic strategy. The loss dynamism these post-hegemonic initiatives problematizes relationship between governance role powers. ALBA is a scheme contingent political cycle voluntarism intrinsic Venezuela’s leadership. bloc has lost members relevance recent years. As for UNASUR, most its member states have withdrawn from it currently not operating. In short, proposals lose support once that promoted them weakens. A certain ‘hegemonic stability theory’ contextualized to South America with regard years seems be fulfilled: decline power countries helps account reversals changes governance.