ABSTRACT
Institutionalized group hegemony examines the continuity of the liberal economic order in terms of great power cooperation. The great powers may choose to institutionalize rather than relaying solely on ad hoc cooperation for reasons similar to why a hegemon shares power. A system of great power interaction refers to a cooperative process that is carried out through regularly scheduled and ad hoc meetings among multiple levels of government on various issues. A system of great power interaction and publicly documenting the outcomes institutionalizes great power relations. The Group of Seven (G7) institutional features shape great power interaction in contrast to most international institutions that govern specific issue-areas. G7 institutional traits, such as the leaders' public declarations, lessen the temptation to ffee-ride and let other great powers bear the costs of global stabilization. One of the problems of the multilateral institutionalist approach is that most international institutions are designed to address one issue-area.
