This paper presents a general analytical method for analyzing the instability of unbalanced electromagnetic forces produced in induction motors with an eccentric rotor. The equations to be solved are a set of second order differential equations which give matrices with periodic coefficients that are a function of time due to the unbalanced electromagnetic force. The method is based on an extension of the Floquet theory. A transfer matrix over one period of the motion is obtained. and the stability of the system can be determined with the eigenvalues of the matrix. The analysis results of instability zone were coincided upon comparing that of transfer matrix method with that of rotating frame. Two examples are given. including an industrial application. The results show that the method proposed is satisfactory.