indeed seem to be on the decline in America’s policy and political stance. It has become to America a selecti Market Efficiency and Market Failures ve game where multilateralism is embraced when it adds to the muscles in its already bulky biceps and unilateralism at every other turn. As America continues to systematically depart from multilateralism and promote more unilateralism in its foreign policies a Market Efficiency and Market Failures nd decisions on security affairs affecting not only its boundaries (assuming such a word as ‘boundary’ exists in the American dictionary) but also spread ashore to other nations of the world, the world may very well be moving rather rapidly towards the final unravelling of America as a hegemonic nation. What and who in the world can then possibly challenge America’s hegemony? Surely it would take a large scale war or a crucial global economic crisis to challenge or even come close to threatening America’s hegemony. While this might be very well put and even precise in theory, surely either option will def Market Efficiency and Market Failures initely have grave repercussions on the international community. However, Ikenberry argues in his book, ‘America Unrivalled’, that there are limits to the United States’ hegemony such as it stands at the moment. He is of the opinion that a complete hegemonic order would require not just preponderant capabilities but also some significant degree of acquiescence on the part of other states, especially the other major players in world politics for the maintenance of such order. Following the Cold war, America acquired the support and cooperation of one of the major players in that region, Japan. Japan was once America’s closest ally as a result of this, however even Japan is becoming resentful, as presumably are the rest of the world, at America’s increased unilateralism (as in the North Korean case mentioned above) and the selective choice of multilateralism only when it favours the nation in one form of economic or security purpose or the other. It is therefore not impossible that other major players in the world, on examining their alternatives on how to best rid America of its hegemonic status and by so doing release the unsuspecting world from American domination, may very well challenge its hegemonic position. Capitalising on the regional and international relationships once promoted by America, the other major super powers in the Asian Region and the European Union could orchestrate an over throw of America’s position as an hegemonic state or at the very least challenge the same. Not ignoring the power and importance of smaller or weaker states however, they would quite naturally also have to be involved. This however would be an all scale war, the magnitude, repercussion and significance of which will tremble the world perhaps more than every previous wars put together! Any would-be hegemonic challenger would most naturally have already arrived at the very same conclusion. Apart from the fact that every single one of these would-be challengers rely on the  Market Efficiency and Market Failures United States for one aspect of its sustenance or the other, it would take a lot of consideration, meetings, strategising and con>