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Seminar paper from the year 2003 in the subject Politics - International Politics - General and Theories, grade: 1,3 (A), Martin Luther University (GPS), course: International Political Economy, language: English, abstract: In the second half of the 20. century the term of "Hegemonic Stability Theory " wasintroduced by political scientists such as Stephen Krasner, Robert Gilpin and RobertKeohane to explain the mechanisms of the new economic world order that had beenestablished after the Second World War.1 The main assumption of the theory that astable liberal economic world order needs a hegemo n was explained with theexamples of the British hegemony in the 18. and 19. century and with the example ofAmerican hegemony in the postwar years of the second half of the 20. century.This term paper intends to answer the following questions: What is HegemonicStability Theory about? How is the shape of the hegemonic system? Why will itdecline? The theoretical assumptions will be extended by a closer look at the UShegemony.How was it possible that the US could establish their leadership in theinternational economic system? What did they do to create a stable global economicorder? Of course, the last questions have to answer why the US weakened and whytheir hegemony eventually declined? How is the situation today? Is there still ahegemon?To answer these questions, the first part of the paper will summarize the mainassumptions of the theory. Then, the international economic situation after theSecond World War which enabled the US to become the world´s hegemon will beshortly presented. The following chapters will deal with the establishment of the UShegemonyby creating international regimes such as IMF, IBRD and GATT. Finally,the end of the paper will explain how the American hegemony declined and whichrole it plays in the present international economy.1 Reinhard Rode. Weltregieren durch Internationale Wirtschaftsorganisationen. Halle, 2001: 24.