21st Century Accelerated Dedollarization, Multipolarity and The Global South Beyond Modern Money Theory: Governance of a Complex Global Financial System in the Age of Global Instabilities

Khan, Haider (2024): 21st Century Accelerated Dedollarization, Multipolarity and The Global South Beyond Modern Money Theory: Governance of a Complex Global Financial System in the Age of Global Instabilities.

Abstract

I argue that there is a need to create monetary sovereignty for the global south and generate adequate ex ante public investment for full employment. The governments should also be employers of the last resort. Since all existing accumulated evidence since the 2008-9 crisis indicates that we are not near the inflationary barrier, appropriate full employment generating government spending for public investment is a sensible functional finance option. For this to apply to the global south with any plausibility, first an appropriate global financial architecture must be created.This paper analyzes the problems of creating and expanding national macroeconomic policy space and economic governance for the global system which takes historical unevenness seriously and places both the developed and developing countries in the global system within a complex adaptive systems framework .

With the recent developments towards the further expansion of BRICS-plus already achieved, accelerated dedollarization and assertion of sovereignty by many countries of the Global South, the creation of an alternative less asymmetric non-IMF based architecture for global financial governance has become a more realistic institutional possibility.

• Item Type: MPRA Paper
• Language: English
• Keywords: Multipolarity, The Global South, BRICS-plus, Accelerated Dedollarization,Modern Money Theory(MMT), Functional Finance in the Global South,dynamic complex adaptive economic systems, financial crises, global financial architecture, regional financial architectures, a hybrid GFA, regional cooperation, BASEL III reforms, the BIS proposals, Asia, BRICS Development Bank, BRICS financial facility, the IMF.
• Subjects: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit; F - International Economics > F5 - International Relations, National Security, and International Political Economy; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F54 - Colonialism ; Imperialism ; Postcolonialism

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