Never before have developing nations been able to compete at the international level, both economically and militarily. But, we are currently in an age where developing nations, such as Brazil, Russia, India, and China, are able to develop so rapidly that they are able to excel within the international economy, which allows for an increased investment in military and technological capabilities. Consequently, these rapidly developing nations are able to influence the international system. To see how much of an effect these rapidly developing nations are having within the international system, they will be measured against 5 indicators that correlate with becoming a rising regional hegemon, a feature of a multi-polar system. The multi-polar international system that we see emerging is contrary to Kenneth Waltz's assertion that a multi-polar international system is unstable, and a bi-polar international system is preferred. New global conditions indicate that Waltz's analysis may not stand the test of time. / Master of Arts