Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/319398 
Year of Publication: 
2019
Citation: 
[Journal:] China Political Economy (CPE) [ISSN:] 2516-1652 [Volume:] 2 [Issue:] 1 [Year:] 2019 [Pages:] 98-107
Publisher: 
Emerald, Leeds
Abstract: 
Purpose The world currency is endowed with two inherent contradictions, namely, the general contradiction of all currencies and the special contradiction between the quality and quantity of the world currency. The paper aims to discuss these issues. Design/methodology/approach In the wake of the Second World War, the USA, with its strong economic and military strength, established an international monetary system centered on the US dollar (USD). This gave USD the status of "world currency" and bounded it to the US imperialist hegemony with mutual integration and interaction, making it possible for USD capital to conduct international exploitation and wealth plundering extensively around the world. Findings The contradiction between the capital logic and the power logic, which is inherent in capital accumulation models of the new imperialism, also indicates the inevitable decline of USD. Originality/value This constitutes an important feature of the new imperialism. However, as a sovereign currency, USD has inextricable and inherent contradictions while exercising its function as the world currency.
Subjects: 
Capital accumulation
International monetary system
New imperialism
State hegemony
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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