A brief study on the history of 20th century reveals that capitalist system has been facing to political, military and economic crisis including world wars I and II, economic crisis of 1929 and 1973, economic crisis of southeast of Asia in 90s and the current economic crisis. While theories of international political economy have in common with the occurrence of the crisis itself, they are different on its nature, reasons and solution strategies. Theory of hegemonic stability, meanwhile, is trying to scrutinize the crisis and its origins through a different, scientific and historical prospect. From this viewpoint, hegemon is the main factor of flourishing the international political economy as its crisis refers to the fall of the hegemon. In better words, as global economy flourishing in 50s and 60s originated from America hegemony and mechanisms created by that like GATT (later WTO), IMF, World Bank, as well as preserving west
)