Dollar’s triumph in Bretton Woods: how was it done?

2015 ◽  
pp. 58-72
Author(s):  
O. Butorina
Keyword(s):  
United States ◽  
Historical Data ◽  
Financial System ◽  
The United States ◽  
Economic Power ◽  
Bretton Woods ◽  
Fiat Money ◽  
International Financial System ◽  
Dollar Standard ◽  
The U.S

The increased economic power of the United States and their enormous golden reserves are the main reasons used by economists to explain why the Bretton Woods conference of 1944 put the dollar in the centre of a new international financial system. However, it is not clear if these conditions were sufficient for the introduction of a gold (de facto dollar) standard and excluded any other type of international financial order. The study of historical data reveals an effective diplomatic maneuver conducted by the U.S. administration with an aim to prevent a global transit to fiat money, to keep the importance of gold and to build a strictly hierarchical international financial system.

From IMF Poster Child to Wayward Student

2019 ◽  
pp. 185-193
Author(s):  
Jerome Roos
Keyword(s):  
United States ◽  
International Monetary Fund ◽  
Financial System ◽  
The United States ◽  
Fiscal Discipline ◽  
Enforcement Mechanism ◽  
International Financial System ◽  
The International Monetary Fund ◽  
The Imf

This chapter considers why the International Monetary Fund (IMF) did it not prevent Argentina's record default of 2001. It suggests that the IMF was both unable and unwilling to stop it. While the second enforcement mechanism of conditional IMF lending was initially fully operative, helping to enforce Argentina's compliance in the first years of the crisis, the outcome of the megaswap greatly reduced the risk of an Argentine default to the international financial system. Combined with mounting domestic opposition in the United States to further international bailout loans, this greatly weakened the IMF's capacity to impose fiscal discipline on Argentina, eventually leading the Fund to pull the plug on its own bailout program, causing the second enforcement mechanism to break down altogether. The chapter recounts the process through which this breakdown occurred.

International Liquidity in a Multipolar World

2012 ◽  
Vol 102 (3) ◽  
pp. 207-212 ◽  
Author(s):  
Barry Eichengreen
Keyword(s):  
United States ◽  
Emerging Markets ◽  
Financial Markets ◽  
Financial System ◽  
The United States ◽  
Reserve Currency ◽  
International Liquidity ◽  
International Transactions ◽  
The U.S

Today's global monetary and financial system, to a remarkable extent, continues to rely on the U.S. dollar for international liquidity. This reflects the currency's historic role, the liquidity of American financial markets, and the absence of alternatives. But with the emergence of emerging markets, the capacity of the United States to provide safe assets will be outstripped by the growth of international transactions. It is thus likely that other large economies, presumably Europe and China, will eventually join the United States as sources of international liquidity and that other currencies will come to share the dollar's reserve-currency status.

scholarly journals The Soft Uprising: China and Russia's attempt to break out of the global financial system

2020 ◽  
Vol 9 (29) ◽  
pp. 258-263
Author(s):  
Ahmad Kilani ◽  
Mostafa Ghaboura ◽  
Malik Ashmoon Abou Zahr Diaz ◽  
Montaser Hamed Abou Zahr Diaz
Keyword(s):  
United States ◽  
Historical Development ◽  
Current System ◽  
Financial System ◽  
Political Influence ◽  
The United States ◽  
Economic Power ◽  
The Us ◽  
American Hegemony ◽  
Global Financial System

This paper sheds the light on the ongoing conflict between the two global powerhouses, the United States, and the Sino-Russian agreement, and how the latter is challenging the US economic hegemony by attempting to change the world’s financial system. To better discuss this struggle, this paper will review the historical development of the financial system, its risks and challenges, the position of Russia and China in the current system, their motivations for the breaking out, and then decide whether this breakout is possible under the current circumstances. In order to do that, this study examines the Russian-American relationship, and the Chinese-American relationship to understand the differences and how each country functions toward the other. This paper will rely on neutral studies in an attempt to explain the reasons of this uprising. In addition, this study shows that either China, or Russia alone can challenge the United States hegemony, in fact, the Chinese economic power depend on the Russian political influence and vice versa. In the current moment, the Russian-Chinese alliance is not able to break out from the American hegemony as long as the dollar is still used as the global currency.

scholarly journals The special drawing right: a formal critic to the dollar dominance in the international monetary system

2017 ◽  
Vol 37 (2) ◽  
pp. 401-416
Author(s):  
ALINE REGINA ALVES MARTINS
Keyword(s):  
United States ◽  
International Monetary System ◽  
The United States ◽  
Bretton Woods ◽  
Monetary System ◽  
Special Drawing ◽  
Political Interests ◽  
The U.S

ABSTRACT In the late-1960’s, international discussions over a possible reform of the international monetary system originated the Special Drawing Right (SDR). While they had been created initially to represent an additional asset to complement the existing reserves of U.S. dollars and gold, after the crisis of the Bretton Woods system the SDR was considered a possible substitute of the U.S. dollar. Relying on a consolidated literature, this article aims at demonstrating that the origins of the SDR were not the exclusive result of technical financial negotiations, but of the convergence of higher political interests against the United States and the dollar dominance.

scholarly journals Critical disinformation studies: History, power, and politics

2021 ◽  
Author(s):  
Rachel Kuo ◽  
Alice Marwick
Keyword(s):  
United States ◽  
White Supremacy ◽  
The United States ◽  
Economic Power ◽  
Critical Approach ◽  
The U.S

This essay advocates a critical approach to disinformation research that is grounded in history, culture, and politics, and centers questions of power and inequality. In the United States, identity, particularly race, plays a key role in the messages and strategies of disinformation producers and who disinformation and misinformation resonates with. Expanding what “counts” as disinformation demonstrates that disinformation is a primary media strategy that has been used in the U.S. to reproduce and reinforce white supremacy and hierarchies of power at the expense of populations that lack social, cultural, political, or economic power.

scholarly journals Shopping for Anonymous Shell Companies: An Audit Study of Anonymity and Crime in the International Financial System

2010 ◽  
Vol 24 (4) ◽  
pp. 127-140 ◽  
Author(s):  
J. C Sharman
Keyword(s):  
United States ◽  
United Kingdom ◽  
Service Providers ◽  
Financial System ◽  
The United States ◽  
Small Island ◽  
Corporate Transparency ◽  
International Financial System ◽  
The United Kingdom ◽  
Transparency And Disclosure

The last few years have seen an international campaign to ensure that the world's financial and banking systems are “transparent,” meaning that every actor and transaction within the system can be traced to a discrete, identifiable individual. I present an audit study of compliance with the prohibitions on anonymous shell companies. In particular, I describe my attempts to found anonymous corporate vehicles without proof of identity and then to establish corporate bank accounts for these vehicles. (Transactions processed through the corporate account of such a “shell company” become effectively untraceable—and thus very useful for those looking to hide criminal profits, pay or receive bribes, finance terrorists, or escape tax obligations.) I solicited offers of anonymous corporate vehicles from 54 different corporate service providers in 22 different countries, and collated the responses to determine whether the existing legal and regulatory prohibitions on anonymous corporate vehicles actually work in practice. To foreshadow the results, it seems that small island offshore centers may have standards for corporate transparency and disclosure that are higher than major OECD economies like the United States and the United Kingdom.

An American Language

2018 ◽  
Author(s):  
Rosina Lozano
Keyword(s):  
United States ◽  
National Policy ◽  
The United States ◽  
Spanish Language ◽  
Spanish Speakers ◽  
Language Recognition ◽  
Political Language ◽  
Political Issue ◽  
History Of ◽  
The U.S

An American Language is a political history of the Spanish language in the United States. The nation has always been multilingual and the Spanish language in particular has remained as an important political issue into the present. After the U.S.-Mexican War, the Spanish language became a language of politics as Spanish speakers in the U.S. Southwest used it to build territorial and state governments. In the twentieth century, Spanish became a political language where speakers and those opposed to its use clashed over what Spanish's presence in the United States meant. This book recovers this story by using evidence that includes Spanish language newspapers, letters, state and territorial session laws, and federal archives to profile the struggle and resilience of Spanish speakers who advocated for their language rights as U.S. citizens. Comparing Spanish as a language of politics and as a political language across the Southwest and noncontiguous territories provides an opportunity to measure shifts in allegiance to the nation and exposes differing forms of nationalism. Language concessions and continued use of Spanish is a measure of power. Official language recognition by federal or state officials validates Spanish speakers' claims to US citizenship. The long history of policies relating to language in the United States provides a way to measure how U.S. visions of itself have shifted due to continuous migration from Latin America. Spanish-speaking U.S. citizens are crucial arbiters of Spanish language politics and their successes have broader implications on national policy and our understanding of Americans.

Palestine Unbound

2018 ◽  
Vol 47 (3) ◽  
pp. 130-134
Keyword(s):  
United States ◽  
Human Rights ◽  
Task Force ◽  
The United States ◽  
Donald Trump ◽  
Tel Aviv ◽  
The Us ◽  
Intention To Move ◽  
Arab Israeli Conflict ◽  
The U.S

This section, updated regularly on the blog Palestine Square, covers popular conversations related to the Palestinians and the Arab-Israeli conflict during the quarter 16 November 2017 to 15 February 2018: #JerusalemIstheCapitalofPalestine went viral after U.S. president Donald Trump recognized Jerusalem as the capital of Israel and announced his intention to move the U.S. embassy there from Tel Aviv. The arrest of Palestinian teenager Ahed Tamimi for slapping an Israeli soldier also prompted a viral campaign under the hashtag #FreeAhed. A smaller campaign protested the exclusion of Palestinian human rights from the agenda of the annual Creating Change conference organized by the US-based National LGBTQ Task Force in Washington. And, UNRWA publicized its emergency funding appeal, following the decision of the United States to slash funding to the organization, with the hashtag #DignityIsPriceless.

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