The World Monetary Order: From Currency Globalization to Currency Geopolitics
DOI:
https://doi.org/10.52340/er.2024.21.11Abstract
The world economic order began to undergo a profound shift after Russia launched its war against Ukraine on 24 February 2022, and the West imposed economic sanctions on Russia in response (BBC, 2024). Not only is the architecture of the global economy changing (Papava, 2022a), but also the global monetary system.
Even before the COVID-19 pandemic, the US-led unipolar world order was fueling the process of hyper-globalization (Rodrik, 2011, 2022). For its part, hyper-globalization has largely contributed to the maintenance of that unipolar world order, which primarily stems from the interconnectedness of globalization and world order (e.g. Amadi, 2020; Ardalan, 2012).
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