A victor state’s war exhaustion can cost it hegemony at peace

Evidence

Conditions in a State before and after a war. It is obvious that, in an alliance, what counts are the conditions in which a State finds itself at the moment of peace. Therefore it may happen that whoever has exercised hegemony during the war ends up by losing it as a result of the enfeeblement suffered in the course of the struggle, and is forced to see a “subordinate” who has been more skilful or “luckier” become hegemonic. This occurs in “world wars” when the geographic situation compels a State to throw all its resources into the crucible: it wins through its alliances, but victory finds it prostrate, etc. This is why in the concept of “great power” it is necessary to take many elements into account, and especially those which are “permanent”—i.e. especially “economic and financial potential” and population. — Antonio Gramsci, Selections from the Prison Notebooks, 983