Bretton Woods III: The Dethronement of the Dollar

Absztrakt (kivonat)

This research paper examines the potential shifts in the global monetary order, particularly the feasibility of moving beyond the current dominance of the U.S. dollar towards alternative currency standards. The study analyses theoretical frameworks and practical implications of adopting new monetary systems, with a focus on the roles of established currencies such as the Euro and the Chinese Renminbi, Central Bank Digital Currencies (CBDCs), and cryptocurrencies. Employing qualitative methods and interviews with monetary experts and scholars, the research assesses the durability of the Bretton Woods II system and explores the conceptualization of a Bretton Woods III scenario, where a diversification of global monetary leadership could occur. The analysis critiques the ongoing supremacy of the dollar amidst shifts in geopolitical power and advances in technology, evaluating the capacity of the euro and renminbi to challenge this dominance alongside emerging digital currencies. Based on findings about the aforementioned elements, the research concludes that there are undisputable signs of the crumbling dollar dominance even if not in the near future the world is heading towards polycentric monetary world order.