Global Economy Archives - Political Economy Journal

18

May

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Global Economy, Russia, SWIFT, US dollar

Russia and SWIFT

PEJOURNAL - A spokesman for the Russian Foreign Ministry recently announced that Russia is preparing to be removed from SWIFT. His remarks came in response to a European Parliament resolution calling for Russia to cut ties with SWIFT if it continues to invade Ukraine. The question now is how feasible is this Russian move? What are its implications for SWIFT and international trade? What are the roots of this decision and how far can the countries involved in SWIFT go with the option of sanctioning and leaving SWIFT? SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications, which has…

De-Dollarization: Removing the Dollar, Strategies and Efforts

05

Mar

3 Comments

China, Crisis, De-Dollarization, Dollar, Global Economy, Marshall Plan, Russia

De-Dollarization: Removing the Dollar, Strategies and Efforts

BY: Danieal Ranjbar PEJOURNAL - From the 1940s, during the post-World War II reconstruction of Europe under the Marshall Plan, the dollar became the dominant international currency. But now, after all these years and the occurrence of several internal developments in the United States and internationally, the dominance of the dollar is threatened. The introduction and gradual strengthening of digital currencies, including bitcoin, was another reason for the removal of the dollar from the financial exchanges of some countries. Russia and China, as the first countries to eliminate the dollar, succeeded in doing so and removing the dollar from their…

Weakened dollar, Stronger Administration

06

Feb

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China, Dollar, Donald Trump, East Asia, Global Economy, Joe Biden, monetary, trade war, WTO

Weakened dollar, Stronger Administration

BY: Jacobien van der Kleij and Michael Robbins PEJOURNAL - One of the major events that characterized the early Trump presidency was the U.S. trade war with China. From a monetary perspective, the trade war with China was not beneficial to the U.S. dollar, and hitting China with such tariffs showed the U.S. that other countries can, and will, step in when needed.The actual “war” aspect is an editorialization, but the events were still meant to show the world that when two superpowers compete for better trade deals, there is never a clear winner. The rhetoric started on Trump’s campaign…

05

Oct

1 Comment

Capitalism, Corona virus, COVID19, Global Economy, PANDEMIC, post-corona

Capitalism After the Pandemic

BY: Mariana Mazzucato PEJOURNAL - After the 2008 financial crisis which was a challenge to Capitalism, governments across the world injected over $3 trillion into the financial system. The goal was to unfreeze credit markets and get the global economy working again. But instead of supporting the real economy—the part that involves the production of actual goods and services—the bulk of the aid ended up in the financial sector. Governments bailed out the big investment banks that had directly contributed to the crisis, and when the economy got going again, it was those companies that reaped the rewards of the…