The article addresses the theory of hegemonic stability as a problem of collective action in the international political economy. It begins by defining the concepts of hegemony, cooperation and institutionalisation in international relations. Chapter 3 attempts to integrate rationalist models ofcooperation, based on assumption of rational choice and situational determinism. The following chapter examines the constructivist critique of rationalist models of cooperation by introducing the concept of communicative action to replace strategic interaction of rationalism and consequently focuses on constitutive rules (contrary to regulative rules of rationalism) asthe foundation of institutionalisation in international relations. Chapter 5attempts to redefine the concept of power and hegemony. After rejecting Dahl's definition of power and related perspective on hegemony as preponderance of material resources, it adopts a notion of social power and focuses on relation between power and knowledge.