scholarly journals HISTORIOSOPHICAL ASPECTS OF THE MONETARY GLOBALIZATION

2021 ◽  
pp. 4-17
Author(s):  
Oleksandr SHAROV
Keyword(s):  
Gold Standard ◽  
Economic Globalization ◽  
Bretton Woods ◽  
European Model ◽  
Monetary System ◽  
Role Of The State ◽  
The World ◽  
Monetary Relations ◽  
The 19Th Century

This article is devoted to the monetary globalization – it is a concept that was at first designed and introduced in academician use by the author in the previous article (Journal of European Economy, vol. 19, No. 3, 2020, pp. 395–408). While the first article considered its geoeconomic aspects – namely the geographical spreading and universalization of the monetary relations, this article focuses on historiosophical aspects – that is, understanding the patterns of development of monetary relations in the context of their globalization. It is emphasized that the emergence of money occurred near simultaneously in different civilizations and the European model was not predestined to become a standard for the world monetary system, but its superiority was ensured in the complex centuries-old globalization process. This concerned not only the formation and spread of monetary relations in the world, but also their universalization, which played a very important role in economic globalization. In this regard, the author points to the role of the state, especially in the last stages of globalization, starting with the formation of the gold standard in the 19th century and ending with the introduction of the Bretton-Woods monetary system and modern processes of its modernization.

scholarly journals GEOECONOMIC ASPECTS OF THE MONETARY GLOBALIZATION

2020 ◽  
Vol 19 (Vol 19, No 3 (2020)) ◽  
pp. 395-408
Author(s):  
Oleksandr SHAROV
Keyword(s):  
Economic Globalization ◽  
International Level ◽  
Historical Process ◽  
Bretton Woods ◽  
Monetary System ◽  
The World ◽  
Further Development ◽  
Over Time ◽  
Qualitative Changes

Author defines monetary globalization and examines the historical process of spreading money and cash nexus across the globe. It is stated that money developed almost simultaneously in three great civilizations (Europe, India, China), but over time the Hellenistic form of money absorbed and universalized all other forms of money. The author examines in detail the process of distribution of metallic and then credit form of money and their impact on economic globalization. All these processes occurring both in the markets of separate countries or small regions and at the international level (where money started to act as global currency almost immediately after its appearance) constitute the essence of the monetary globalization. The author dwells on the post-Bretton Woods period of development of the World Monetary System, believing that the extensive phase of monetary globalization has come to an end at this stage and its further development will be caused by fundamental qualitative changes.

scholarly journals The Vatican’s Monetary Wisdom

2021 ◽  
pp. 457-459
Author(s):  
Robert A. Sirico
Keyword(s):  
Interest Rates ◽  
Gold Standard ◽  
Central Banks ◽  
Nixon Administration ◽  
Speculative Bubbles ◽  
Bretton Woods ◽  
Financial Deregulation ◽  
Monetary System ◽  
The World ◽  
The Common

On Monday, the Vatican released an 18-page document titled «Toward Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority.» Since then, it has been celebrated by advocates of bigger government the world over. What’s ignored is that the document —released to stimulate debate, not offer official doctrine— embraces a sound economic theory concerning the cause of the world financial crisis: the breakdown of the postwar Bretton Woods monetary system and the unleashing of fiat currencies and central-bank printing presses. Let’s look at a representative passage, while keeping in mind several important markers: 1971 was the year that the Nixon administration killed the gold standard, and along with it Bretton Woods and hard currencies; in the early 1980s, financial deregulation in many countries removed the last major  barriers to virtually unlimited amounts of credit; and the 1990s was the decade when the drive to suppress interest rates became the common policy of central banks around the world. Since the 1990s, we have seen that money and credit instruments worldwide have grown more rapidly than revenue, even adjusting for current prices. From this came the formation of pockets of excessive liquidity and speculative bubbles which later turned into a series of solvency and confidence crises that have spread and followed one another over the years.

International monetary and financial system

2019 ◽  
Author(s):  
Елена Зенкина ◽  
Elena Zenkina
Keyword(s):  
Financial System ◽  
Industrial Economy ◽  
Monetary System ◽  
New Instrument ◽  
The World ◽  
Monetary Relations ◽  
Post Industrial

Transformation of the world monetary mechanism during an era of formation of post-industrial economy is shown in the textbook. A new role of the monetary relations in post-industrial economy and also the main directions of integration of Russia into the system of the international monetary relations are considered. Trends in development of a world monetary system, including formation of a new monetary system (Initial coin offering) and development of cryptocurrencies as new instrument of mutual settlements are stated.

scholarly journals GEOECONOMIC ASPECTS OF THE MONETARY GLOBALIZATION

2021 ◽  
Vol 20 (Issue Vol 20, No 3 (2021)) ◽  
pp. 395-408
Author(s):  
Oleksandr SHAROV
Keyword(s):  
Economic Globalization ◽  
International Level ◽  
Historical Process ◽  
Bretton Woods ◽  
Monetary System ◽  
The World ◽  
Further Development ◽  
Over Time ◽  
Qualitative Changes

Author defines monetary globalization and examines the historical process of spreading money and cash nexus across the globe. It is stated that money developed almost simultaneously in three great civilizations (Europe, India, China), but over time the Hellenistic form of money absorbed and universalized all other forms of money. The author examines in detail the process of distribution of metallic and then credit form of money and their impact on economic globalization. All these processes occurring both in the markets of separate countries or small regions and at the international level (where money started to act as global currency almost immediately after its appearance) constitute the essence of the monetary globalization. The author dwells on the post-Bretton Woods period of development of the World Monetary System, believing that the extensive phase of monetary globalization has come to an end at this stage and its further development will be caused by fundamental qualitative changes.

The Long Twilight of Gold: How a Pivotal Practice Persisted in the Assemblage of Money

2021 ◽  
pp. 1-31
Author(s):  
Nicolas Jabko ◽  
Sebastian Schmidt
Keyword(s):  
Exchange Rates ◽  
Gold Standard ◽  
Specific Power ◽  
Power Structures ◽  
Bretton Woods ◽  
Monetary Regimes ◽  
Monetary Relations ◽  
Material Artifacts ◽  
Floating Exchange Rates

Abstract Why has gold persisted as a significant reserve asset despite momentous changes in international monetary relations since the collapse of the classical gold standard? IPE theories have little to say about this question. Conventional accounts of international monetary relations depict a succession of discrete monetary regimes characterized by specific power structures or dominant ideas. To explain the continuous importance of gold, we draw on insights from social psychology and new materialist theories. We argue that international monetary relations should be understood as a complex assemblage of material artifacts, institutions, ideas, and practices. For much of its history, this assemblage revolved around the pivotal practice of referencing money to gold. The centrality of gold as experienced by policymakers had important effects. Using archival and other evidence, we document these effects from the 1944 Bretton Woods conference through the transition to floating exchange rates in the mid-1970s; most IPE scholars underestimate the role of gold during this period. Power relations and economic ideas were obviously important, but they contributed little to a fundamental development: the long process of reluctantly coming to terms with the limitations of specie-backed currency, and the progressive and still ongoing decentering of gold in international monetary relations.

scholarly journals A Model of the International Monetary System*

2017 ◽  
Vol 133 (1) ◽  
pp. 295-355 ◽  
Author(s):  
Emmanuel Farhi ◽  
Matteo Maggiori
Keyword(s):  
Simple Model ◽  
Gold Standard ◽  
Supply And Demand ◽  
International Monetary System ◽  
Rate System ◽  
Monetary System ◽  
The World ◽  
The Common ◽  
Triffin Dilemma ◽  
World Supply

AbstractWe propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a hegemon versus a multipolar world; abundant versus scarce reserve assets; and a gold exchange standard versus a floating rate system. We rationalize the Triffin dilemma, which posits the fundamental instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world, the Nurkse warning that a multipolar world is more unstable than a hegemon world, and the Keynesian argument that a scarcity of reserve assets under a gold standard or at the zero lower bound is recessionary. Our analysis is both positive and normative.

scholarly journals Analisis Peran Negara Di Bidang Ekonomi Dalam Prespektif Sistem Kapitalisme, Sosialisme, Dan Ekonomi Islam

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Muhammad Kambali
Keyword(s):  
Interest Rates ◽  
Conceptual Framework ◽  
Economic System ◽  
Economic Crisis ◽  
The State ◽  
Planning System ◽  
Role Of The State ◽  
The World ◽  
Low Interest Rates

The economic crisis that convolved the world economy a few years ago is the result of a series of government policies in the economic field. Starting from the Subprime Mortgage in America, the crisis eventually spreads across all sectors of the economy. As analysts say that the explosion of the current economic crisis is caused by the trend of low interest rates that are applied by the Fed. The trend of low interest rates will give rise to expectation of market to future economic situation. It is characterized by the overflow of capital expansion in all sectors, especially in property sector. Today, along with the growing mobility of capital from one country to another as part of unavoidable economic liberalization, mobility of capital, on the one hand, has spawned some of the imbalances in the life of a State. The powerlessness can not be separated from economic ideology and system on state role in the economy. Capitalism with its laissez faire brings the concept of state minimal role in the economy. In the empirical facts, it is broken by the crisis situation in 1930 and today's financial crisis. Socialism tends to carry the central role of the State in the economy through the centralistic planning system. The fall of the Soviet Union in the 1980s brought the world to a choice whether reconstructing capitalism or socialism as Fukuyama and Gidden said. On the other hand, as the new system, the economic system of Islam brings the concept of the role of the State in the economy on the basis of universal values of Islam, such as justice in the economy which is reflected in the mechanism of the prohibition of riba (usury), just income distribution and redistribution of income through zakat and social security. This article is an exposure of the State's role in the economy which is studied through the perspective of today’s economic system. The systems are capitalism, socialism, and Islam. The article not only explores conceptual framework, but also also contains an empirical framework mapping and how the conceptual framework is operated. At the end, from the two mapping (conceptual and empirical), author draws a reflection of how the State should play a role in the economic field. Keywords: Capitalism, Socialism, Islam, Economic Role of State

scholarly journals Rola języka w uwalnianiu się z dziedzicznych traum

Politeja ◽  
2020 ◽  
Vol 17 (2(65)) ◽  
pp. 189-204
Author(s):  
Katarzyna Marcol
Keyword(s):  
Collective Memory ◽  
Cultural Memory ◽  
Social Position ◽  
Traumatic Experiences ◽  
The Past ◽  
The Social ◽  
The World ◽  
The 19Th Century ◽  
The Village

The Role of Language in Releasing from Inherited Traumas. Negotiations of the Social Position of the Silesian Minority in Serbian Banat The aim of the paper is to show the dependence between language, collective memory (also post-memory) and sense of identity. This issue is analysed using the example of an ethnic minority living in the village of Ostojićevo (Banat, Serbia) called ‘Toutowie.’ Their ancestors came in the 19th century from Wisła (Silesian Cieszyn, Poland); they left their homes because of great hunger and were looking for jobs in Banat. Narratives about the past contain traumatic experiences of the past generations transmitted in the Silesian dialect and constituting communicative memory. At the same time, a new Polish national identity is being constructed, supported by institutions and authorities; it carries a new image of the world and creates a new cultural memory. This new identity – shaped on the basis of national categories – leads to changes of its self-identification and gives the opportunity to raise its social position in the multi-ethnic Banat community.

scholarly journals Los espacios turísticos: producción, experiencias e imaginarios. El caso de la Araucanía andino-lacustre chilena, 1900-1940

2019 ◽  
pp. 219-246
Author(s):  
Pablo Martínez Riquelme
Keyword(s):  
19Th Century ◽  
Space Time ◽  
The State ◽  
The South ◽  
Material Production ◽  
Role Of The State ◽  
Tourist Experience ◽  
Siglo Xix ◽  
The 19Th Century

Los procesos de producción de espacios turísticos se expresan en sendas espacio-temporales, asociadas a una producción material, como las infraestructuras, equipamiento y conectividad, pero también en una producción inmaterial, basada en la difusión de imaginarios territoriales vinculados a la experiencia turística. Se busca analizar dicho proceso, en la Araucanía andino-lacustre chilena, entre 1900-1940, a partir de los relatos de los primeros viajeros con motivaciones turísticas a finales del siglo XIX y el rol de Estado como actor promotor de la turistificación del territorio en el sur de Chile. The processes of production of tourist spaces are expressed in space-time paths, associated with a material production, such as infrastructures, equipment and connectivity, but also in an immaterial production, based on the diffusion of territorial imaginaries linked to the tourist experience. It is sought to analyze this process, in the Chilean Andean-lacustrine Araucanía, between 1900-1940, based on the account of the first travelers with tourist motivations at the end of the 19th century and the role of the State as a promoter of the touristification of the territory in the South of Chile.

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