The Present Crisis Demands a New International Monetary System for the Public Good

Mona Ali in The Political Quarterly:

In this ongoing catalogue of coronavirus-related disorder – extraordinary death tallies, a global lockdown and chaotic financial markets – history reminds us that it is in precisely these conditions that old doctrines are overturned and new paradigms are ushered in.

Crises catapult changes. Amidst this pandemic there are now mass protests across America following the death of George Floyd, an African American, at the hands of a white police officer. The tear gas and ‘show of force’ tactics deployed by the US police on protesters mark a new inflection point in this crisis, highlighting its perils and possibilities.

This moment, if any, clarifies and crystallises the necessity of a new social contract. Whilst economic thinking might appear distant and removed from more immediate concerns, unequal access to finance and other forms of social provisioning has amplified the suffering of marginalised communities across the world.

Now is the time to conceive and construct a new international monetary system, different to the present which furthers the political and economic dominance of a few to one founded on principles of social justice and sustainability. Lessons learned from the past might guide us as we reimagine global money for the twenty-first century.

More here.