Skip to main content

'Globalisation in Question': Is Dollar Hegemony Inevitable?


Apr
10
CPR is pleased to invite you to the first lecture in a series on 'Globalisation in Question':
Is Dollar Hegemony Inevitable? Possibilities for Reform in the Global Reserve System
Monday, 10 April 2017, 4:30 - 6:00 p.m.
Prof Anush Kapadia
 
Image Source
 
The global reserve system is dominated by a single currency, the US dollar, in which the vast bulk of global trade and finance is conducted. This currency hegemony gives the world's only superpower the exorbitant privilege of having its own liabilities function as the global currency. Several scholars argue that the scale of this privilege help seed the financial crisis of 2007. Emerging markets poured their savings into dollar-denominated debt, creating a flood of cheap credit that lead to wild speculation and subsequent collapse. Since the crisis, several reform measures for this destabilising global reserve system have been suggested, with speculation on everything from a return to the gold standard, an elevation of the IMF's Special Drawing Right (SDR), and the rise of the Chinese Renminbi being discussed. This lecture offers a systemic account of how the global reserve system works in order to evaluate these claims. It argues that that global currencies will continue to be nationally based, hence reforms will have to focus on international institutions capable of disciplining the (existing and/or rising) hegemon rather than creating new synthetic currencies like the SDR.

Prof Anush Kapadia teaches sociology in the Humanities and Social Sciences Department at the Indian Institute of Technology, Bombay. He has studied at Amherst College and Columbia University, having completed his doctoral thesis in anthropology in 2009. Prior to IIT Bombay, Prof. Kapadia taught at City University, London and Harvard University. His research focuses on the politics of financial systems, trying to understand how system-design choices are also political choices, and how these choices lead to macro-social outcomes such as growth or crises.

 

This is a first in our series of monthly lectures on “Globalisation in Question”, where we will draw upon renowned scholars and practitioners to address specific undercurrents of globalisation and their impact on a variety of issue areas.
 
 
Tweet
Share
Forward
 

Comments

Popular posts from this blog

Dear N.K, Over the past few weeks and months,March 2, 2017 Dear N.K, Over the past few weeks and months, we’ve been hard at work in inviting major rail operators to share their success stories at the Rail Power World Congress 2017. I would like to share with you the progress of the premium conferences. We’ve confirmed amazing names like Auckland Transport, Network Rail, RTA Dubai, SNCF, Wiener Linien and more. If you provide energy or power solutions to rail operators and would like to speak alongside senior rail executives, this is the right platform for you. Last 2 speaking slots left in the Rail Power World Congress track for solutions providers
AirAsia launches Travel & Service Centre in MaldivesMay 22, 2016
AirAsia launches Travel & Service Centre in Maldives Exclusive promotion available only at Maldives ATSC with 20% discount to selected AirAsia & AirAsia X destinations

MALE, 22 MAY 2016 – AirAsia strengthened its presence in the paradise islands of Maldives with the launch of the first AirAsia Travel & Service Centre (ATSC) today, which is operated by All H Maldives Private Limited.
The centre was officiated by Honourable Mr Moosa Zameer, Minister of Tourism Maldives; Mr Hussain Jaleel, CEO of Civil Aviation Maldives; Mr Ibrahim Shareef Mohamed, Commissioner General of Customs Maldives; Mr Adil Moosa, Managing Director of Maldives Airports Company; Mr Abdullah Rasheed, Director Air Transport Maldives Civil Aviation Authority along with Ms Aireen Omar, CEO of AirAsia Berhad.
In conjunction with the launch of this ATSC, AirAsia is offering an exclusive promotion with 20% discount off selected AirAsia and AirAsia …