The Geoeconomics of the International Monetary Order

This edited volume explores the intricate and multifaceted transformation of the global financial and monetary order, scrutinizing it from multiple perspectives. It also explores the prospects of the post-COVID and post-war international monetary system, shaped by the transformative influence of advanced technologies.

Money is not just about wealth; it has historically operated as an impersonal force, necessitating a long-range, multidisciplinary understanding that encompasses economic, political, strategic, technological, geographical, and societal factors. In today’s world, there is an intensifying competition to redefine the international financial and monetary order. National states are aware of the monetary dimension as a domain with implications for international relations, national security, foreign policy, grand strategy, and intelligence.

The supremacy of the dollar is being challenged by unsustainable debts, rampant quantitative easing, and the impact of sanctions. Revisionist states view the dollar as a cornerstone of US national power and are furthering a global de-dollarization campaign. China, as a rising economic power, is bolstering the internationalization of the renminbi, while Russia and Iran are developing alternatives to bypass the dollar-centric international monetary and financial systems.

This emerging zeitgeist of monetary and financial pluralism is reflected in trends like the accumulation of physical gold, the evolution of financial warfare, the rise of digital FinTech platforms, and the proliferation of virtual currencies—including decentralized cryptocurrencies, corporate supranational stablecoins, and Central Bank Digital Currencies. Additionally, there is the establishment of parallel international financial institutions not controlled by Western powers, the development of multilateral or regional currencies, and the use of unconventional assets to mitigate the impact of Western sanctions.

Do these developments herald a new international financial and monetary order? This book aims to study rising trends, disruptive phenomena, and potential game-changers from multiple perspectives to provide greater clarity.

Jose Carrillo-Pina is Research Professor in International Business at Anahuac Puebla University in Mexico.

Oleksandr Sharov is Professor and Chief Researcher in the International Finance Unit for the Institute for Economics and Forecasting, located in Ukraine.