What is unipolar and multipolar world?

Polarity refers to the distribution of power in the international community. A unipolar world has one hegemonic (dominating) state that holds a significant amount of power economically, militarily and politically. A bipolar world occurs when two states hold such dominating power which inevitably results in confrontation between the two parties (ex. Cold War). A multipolar world occurs when there are multiple states dominating and cooperating on the international stage.