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Full Description
The Trump II administration's trade wars and framing of the dollar's reserve status have accelerated concerns about the sustainability of the current monetary and trade system. Against a backdrop of various disintegrative tendencies, this volume re-introduces the concept of International Clearing Union (ICU) and offers an important overview of critical approaches to the prevailing monetary system.
The ICU concept is closely associated with J. M. Keynes but has older origins, diverse sources of debate, and a high degree of contemporary relevance. In discussing the concept this volume examines key contemporary political issues including principles of fairness in trade and finance, de-dollarization, development, exchange rate policy, capital controls, as well as urgent issues of climate emergency and ecological breakdown. It provides perspectives from different disciplines and from the Global North and South and opens up debate regarding new global institutional possibilities.
The ebook editions of this book are available open access under a CC BY-NC-ND 4.0 licence on bloomsburycollections.com. Open access was funded by The Finnish Research Council.
Contents
List of Figures
List of Contributors
Preface
Chapter 1: Introduction: The idea of an ICU and its relevance in the twenty-first century by Jamie Morgan and Heikki Patomäki
Chapter 2: Keynes versus the globalists: From the gold standard to currency clearing to stabilization funds to digital currency clearing by Jan Kregel
Chapter 3: Regional clearing systems: From the European payments union to current initiatives confronting dollar dominance by Massimo Amato, Luca Fantacci and Lucio Gobbi
Chapter 4: Towards a new global financial architecture: The role of multipolarity, expanded BRICS and the Global South by Haider A. Khan
Chapter 5: Resolving the balance of payments problematic: Feasible reforms for the twenty-first century by Niina Kari and Lauri Holappa
Chapter 6: International monetary adjustment with and without a global fiscal authority by Nathaniel Cline, David Fields and Matías Vernengo
Chapter 7: An analysis of conflicts and the world monetary system: A case against unilateral responses and for a twenty-first-century global clearing union by Heikki Patomäki
Chapter 8: Beyond monetary hegemony: Normative underpinnings of a global clearing union by Konsta Kotilainen
Chapter 9: Designing the rules and principles of the International Clearing Union: Past and present debated issues by Adrien Faudot
Chapter 10: The ecor as global special purpose money: Towards a green international monetary system to finance sustainable and just transformation by Nicolás Aguila, Paula Haufe and Joscha Wullweber
Index
