A passing view at twentieth century history indicates that the capitalist system has always been faced to political, economic and military crises.Although the theories on international political economy have some common points over the very existence of such a crisis, but, they have different views on the nature, causes, depth and strategic ways to go out of it as well.The theory of hegemonic stability with different view and scientific-historic attitude, seeks to know the crisis and its causes and effects. From the view point of this theory, the most important growth factor in international political economy returns to the existence of a hegemony. Therefore, the crisis in the world political economy arises from its decline, while, the growth and prosperity in the world economy during decades of1950 and 1960 resulting from the United States hegemony and its mechanisms such as GATT, WTO, IMF and WB, besides the West's security guarantee through NATO and energy security; the world economy crisis and its negative consequences for multilateral trading during1970 decade onward resulted from U.S. hegemony decline.