The global balance of power is a part of realism theory in international relations.
It is a reference for leaders to facilitate the understanding of how state acts in some situations, and obviously the concept of the global balance of power is based on distributing hegemony. It aims to distribute power in a way not to allow any state or alliance to have a huge force. the balance of power organizes affairs avoiding one dominant state.
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It attempts not to give one state all the power, but to distribute it through alliances and classifying pressure in order not to let one super power state menacing others security. State has to maintain the equability in levels so that no one will be stronger than the other. Neighbors could keep their system by avoiding magnification of a certain nation. All these definitions pour in the same concept of the balance of power on a global level. The cold war has been a perfect example for the balance of power, due to the presence of the United States and the Soviet Union, both considered as super powers.
This war has started in 1945 and ended in 1989, when the Soviet Union has collapsed. From its name, no direct wars happened between both super powers, but conflicts took place in “third world” countries. However, it is very debatable on how did cold war affected balance of power. It did affect it, because the end of the cold war ended the balance of power as well by creating one super power.
While talking about international relations, the balance of power should be mentioned because of its huge importance. Power is not only about governmental power, but also financial courage and military power as well. If an imbalance of power take place, a dominant state will be the consequence. Similar to what happened after the end of the cold war, when the United States became the only dominant state after the collapse of the Soviet Union. This could affect military decisions, business practices, ant-dumping obligations, military raids, etc. Balance of power is important for rulers as well, because of the comparable security it could provide for people in all levels of power, governmental and internationally.
The balance of power could be a reason why the cold war happened in order to sustain the power for both US and USSR