The de-dollarization process of the world economy: current trends, obstacles and future prospects
Abstract
This article discusses one of the key long-term geopolitical trends of the 21st century: the de-dollarization process of the world economy. The US dollar has been the dominant global currency since the end of the Second World War, granting the USA significant geopolitical advantages over other countries. However, the rise of new centers of power in the past decades, such as China, India, and Brazil, alongside the expansion of influential organizations like BRICS+, is significantly changing the realities of the world economy. These new centers of power are increasingly dissatisfied with the dollar’s dominant position and are actively seeking to challenge its hegemony through various means. This article reviews the historical origins of dollar hegemony and explains how it poses a problem for many nations. Then, it aims to analyze the extent of the ongoing process of de-dollarization, its manifestations, and future prospects for the decades to come.
About the Author
J. Marcos
“Kept Tax and Advisory” LLC (Former KPMG)
Russian Federation
Russian Federation
Marcos Joachim - Consultant
10 Presnenskaya Embankment Moscow, 123112
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Review
For citations:
Marcos J. The de-dollarization process of the world economy: current trends, obstacles and future prospects. International Business. 2024;(2 (8)):33-43.
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