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Currency Statecraft - Monetary Rivalry and Geopolitical Ambition (Paperback)
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Currency Statecraft - Monetary Rivalry and Geopolitical Ambition (Paperback)
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At any given time, a limited number of national currencies are used
as instruments of international commerce, to settle foreign trade
transactions or store value for investors and central banks. How
countries whose currencies gain international appeal choose to use
this status forms their strategy of currency statecraft. In
different circumstances, issuing governments may welcome and
promote the internationalization of their currency, tolerate it, or
actively oppose it. Benjamin J. Cohen offers a provocative
explanation of the strategic policy choices at play. In a
comprehensive review that ranges from World War II to the present,
Cohen convincingly argues that one goal stands out as the primary
motivation for currency statecraft: the extent of a country's
geopolitical ambition, or how driven it is to build or sustain a
prominent place in the international community. When a currency
becomes internationalized, it generally increases the power of the
nation that produces it. In the persistent contestation that
characterizes global politics, that extra edge can matter greatly,
making monetary rivalry an integral component of geopolitics.
Today, the major example of monetary rivalry is the emerging
confrontation between the US dollar and the Chinese renminbi. Cohen
describes how China has vigorously promoted the international
standing of its currency in recent years, even at the risk of
exacerbating relations with the United States, and explains how the
outcome could play a major role in shaping the broader geopolitical
engagement between the two superpowers.
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