FRAGMENTED POWER, MULTIPOLAR FUTURES: THREE READINGS OF THE POST-DOLLAR ORDER

Abstract

This essay examines international financing innovation progress simultaneously with three types of the post dollar world. To demonstrate the world’s currency disorder and complexity, the essay follows a pluralistic approach. The first element, facilitation, views the global market attempts at de dollarization, alternative payment systems, and geopolitics of sanctions as fragmented and unstable. The second element, rebalancing, views the same processes as a world monetary system restructuring through linkages of regional currencies and the South Asia monetary system into multipolar monetary frameworks designed to enhance accessibility and de-concentration of control. The third aspect moderates the second aspect’s overly bold claims. It argues instead the still enduring importance of the American financial system, the dollar’s liquidity, and global trust in U. S. Treasuries and the dollar. The combination of these views constitutes a post dollar world which is complex and pluralistic. It is a world which is fractal in nature and dominated by reorganization around the dollar with little diversity.