Hegemony refers to a situation where a dominant state, or regime, takes control over a weaker one. And for this to happen, according to international relations theory, hegemony denotes a situation where the dominant one possesses the following characteristics:

1. great material asymmetry in its favor, that has
2. enough military power to systematically defeat any potential contester in the system,
3. controls the access to raw materials, natural resources, capital and markets,
4. has competitive advantages in the production of value added goods,
5. generates an accepted ideology reflecting this status quo; and
6. is functionally differentiated from other states in the system, being expected to provide certain public goods such as security, or commercial and financial stability

Reference
Schenoni, Luis (2018). The Argentina-Brazil Regional Power Transition. Foreign Policy Analysis 14(4). p. 473.