Member of Faculty, Center for Graduate International Studies, University of Tehran

According to most traditional theories of international relations, including new-realism, balance of power was considered as the predetermined choice for states, depending, of course, on the existence of certain conditions such as anarchy in the international system and power-seeking for survival. But the fact that two decades after the collapse of the Soviet Union and the end of the Cold War an international order based on balance of power has not emerged seems perplexing and begs analysts for explanation. This article tries to look into this and explore possible answers. To this end, first Kenneth Waltz's theory of balance of power is studied, to be followed by a short critical analysis of the logical problems and historical inconsistencies related to the theory. The authors then turn to the theoretical assumptions of the article and present a catalogue of factors influencing the behavior of states in the international system, including the balance of power orientation. And finally, they suggest a number of conclusions.