Multi-Polar Capitalism: The End of the Dollar Standard
Multi-Polar Capitalism: The End of the Dollar Standard
English | 2022 | ISBN: 3030882462 | 322 Pages | PDF | 5 MB
English | 2022 | ISBN: 3030882462 | 322 Pages | PDF | 5 MB
History teaches us important lessons, provided we can discern its patterns. Multi-Polar Capitalism applies this insight to the crucial, yet often underappreciated issue of international monetary relations. When international monetary systems get first put into place successfully, such as the “classic” gold standard in 1879, Bretton Woods in 1945, or the dollar standard in 1982, they structure relations between the system’s centre and the rest of the world so that others can catch up to the leader. But this growth-promoting constellation, a vector for accelerating globalization, runs its course eventually amidst mounting overproduction conditions in key sectors and spreading financial instability. Such periods of global crisis, from the Great Depression of the 1930s to stagflation in the 1970s and creeping deflation during much of the 2010s, force restructuring and policy reforms until conditions are ripe for a renewed phase of sustained expansion.