Deweaponizing Interdependence

Heikki Patomäki is Professor of World Politics and Global Political Economy at the University of Helsinki. His recent books are World Statehood (2023); Debating the War in Ukraine (with T.Forsberg, 2023), and The Three Fields of Global Political Economy (2022). He is a member of the Finnish Academy of Sciences and Letters and a Life Member of Clare Hall at the University of Cambridge. Jamie Morgan is Professor of Economics at Leeds Beckett University. He co-edits the Real-World Economics Review with Edward Fullbrook. He has published widely in the fields of economics, political economy, philosophy, sociology and international politics.

As the Trump presidency sets about collapsing the existing world order and China and the BRICs countries explore alternatives to the dollar, there is an urgent need for sound monetary alternatives to the system of a single sovereign reserve currency. That is why the publication of this book could not be more timely. Its contributors - monetary experts all - expound with considerable authority on sound alternatives to the imbalances and instability of the current world order. I recommend it highly to scholars, policymakers and those activists wanting to build a more peaceful world.

• List of FiguresList of ContributorsPreface Chapter 1: Introduction: The idea of an ICU and its relevance in the twenty-first century by Jamie Morgan and Heikki PatomäkiChapter 2: Keynes versus the globalists: From the gold standard to currency clearing to stabilization funds to digital currency clearing by Jan KregelChapter 3: Regional clearing systems: From the European payments union to current initiatives confronting dollar dominance by Massimo Amato, Luca Fantacci and Lucio GobbiChapter 4: Towards a new global financial architecture: The role of multipolarity, expanded BRICS and the Global South by Haider A. KhanChapter 5: Resolving the balance of payments problematic: Feasible reforms for the twenty-first century by Niina Kari and Lauri HolappaChapter 6: International monetary adjustment with and without a global fiscal authority by Nathaniel Cline, David Fields and Matías VernengoChapter 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 PatomäkiChapter 8: Beyond monetary hegemony: Normative underpinnings of a global clearing union by Konsta KotilainenChapter 9: Designing the rules and principles of the International Clearing Union: Past and present debated issues by Adrien FaudotChapter 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 WullweberIndex