The US dollar and its challenges: American hegemony in the 21st century

Costigan, Thomas; Cottle, Drew

doi:10.1111/wusa.12339

Cited by 3 publications

(1 citation statement)

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“…After 2008, the financial system and the dollar were placed into question. The Renminbi—a currency which until then had been decoupled from the international monetary system—was used increasingly for large regional and international transactions (Costigan and Cottle 2018, 167).…”

Section: From the Disruption Of Unipolarity To Non‐polaritymentioning

confidence: 99%

Military Power Does Not Denote Capacity

Teixeira

2021

World Affairs

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The following study analyzes the exercise of power by both the United States and China in their confrontation for hegemonic dominance. Through observational and qualitative methods, an examination of the mechanisms underlying China's strategic statecraft and how it implements its exercise of power reveals its genesis and how it contested and controlled the order in Southeast Asia. Navigating through economic indicators, the research determines that the decline of American power is a myth, but it establishes a decline in its influence and prestige arising from its strategic and tactical choices. The study identified multiple systemic contingencies and political irrationalities for the non-realization of systemic unipolarity, resulting in a nonpolar world. It concludes that neither the incomparable military power of the United States nor the greater economic power of China has, in the contemporary world, fundamental comparative advantages for achieving systemic hegemony.

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Section: From the Disruption Of Unipolarity To Non‐polaritymentioning

confidence: 99%

Military Power Does Not Denote Capacity

Teixeira

2021

World Affairs

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Petrodollar and De-dollarization: A Survey from OAPEC Countries

Wagdi,

Elnahrawy,

Fathi

2023

E3S Web Conf.

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The study investigates reducing dependence on the dollar as a supreme currency for oil trade and the basis of the global monetary system and analyses the state of the dominance of the US dollar as an exchange currency in the global oil market. According to an exploration of AOPEC (Organization of Arab Petroleum Exporting Countries) countries’ views on the petrodollar after the second shock of globalization, since the second quarter of 2022, with the start of the war in Ukraine, the world order has witnessed an economic war alongside a conventional war. The study created a questionnaire in Arabic for professionals and academics in several Arab oil-exporting countries in the first quarter of 2023. According to the results of the questionnaire analysis, participants hold differing opinions. The global oil market is ready to abandon the petrodollar; the weight of giving up the petrodollar will be more than 50% of the oil market; it will most likely take three to five years. Russia and China are attempting to undermine U.S. control over the global monetary system for political reasons; US efforts to impose the Russian oil price cap are a source of systematic risk to them; Russia’s and China’s governments employ a wide range of strategies to stop that; on the other hand, the currency diversification policy that oil-exporting countries follow in order to preserve their oil revenues has become a necessity to avoid or reduce the risks of imported inflation and additional fluctuations in the value of the US dollar.

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Bitcoin vis a vis NEO: Upaya Tiongkok menuju Penyeimbang Kekuatan Ekonomi Amerika Serikat dalam Kacamata Hegemoni dan Soft Balancing

Putranti

Retnowati

2019

JIHI

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Bitcoin merupakan salah satu cryptocurrency yang terkenal sejak 2013 diseluruh dunia dimana konsepnya adalah P2P atau terdesentralisasi antar server user dalam sebuah jaringan. Nilai tukar Bitcoin terus meningkat seiring permintaan dari seluruh dunia, termasuk Tiongkok sebagai salah satu negara dengan transaksi ekonomi terbesar didunia. Lebih dari 50% transaksi Bitcoin dunia dilakukan melalui cryptomarket asal Tiongkok. Selain itu, Tiongkok juga menjadi negara dengan industri mining pool Bitcoin terbesar didunia. Hal tersebut menjadikan Tiongkok sebagai negara dengan nilai perputaran Bitcoin terbesar didunia. Besarnya arus perputaran Bitcoin di Tiongkok tampaknya menjadi ancaman tersendiri bagi Pemerintah Tiongkok sehingga pada September 2017, Pemerintah Tiongkok mengeluarkan kebijakan pelarangan transaksi ICO dan menutup BTCC yang merupakan salah satu cryptomarket Bitcoin terbesar didunia. ICO dapat diartikan sebagai konsep investasi cryptocurrency dengan tujuan crowd funding. Sebulan setelah mengeluarkan larangan transaksi ICO, Pemerintah Tiongkok justru mengumumkan rencana Pemerintah Tiongkok untuk mengembangkan dunia blockchain (cryptocurrency) sendiri. Penelitian ini menjelaskan alasan kebijakan pemerintah Tiongkok terkait pelarangan ICO dan penutupan BTCC namun justru mengembangkan cryptocurrency sendiri menggunakan konsep hegemoni dan soft balancing dalam pendekatan realisme. Hasil penelitian menunjukkan bahwa kebijakan pemerintah Tiongkok yang melarang ICO dan penutupan BTCC merupakan langkah yang diambil dalam upaya Tiongkok untuk menyeimbangi Amerika Serikat sebagai negara berpengaruh di bidang ekonomi didunia.

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The US dollar and its challenges: American hegemony in the 21st century

Cited by 3 publications

References 20 publications

Military Power Does Not Denote Capacity

Military Power Does Not Denote Capacity

Petrodollar and De-dollarization: A Survey from OAPEC Countries

Bitcoin vis a vis NEO: Upaya Tiongkok menuju Penyeimbang Kekuatan Ekonomi Amerika Serikat dalam Kacamata Hegemoni dan Soft Balancing

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