Id hegemonic stability theory fail and why?

I need that you find an answer to the question basing and justifing it on these reading:

Lake, D. A. (1993).A a?Leadership, Hegemony, and The International Economy: Naked Emperor or Tattered Monarch with Potential?a? International Studies Quarterly 37(4): 459-489.

Milner, S. (1998), a?International Political Economy: Beyond Hegemonic Stability,a? Foreign Policy, No. 110, Spring, pp. 112-123. [