In an earlier world of formal colonies and imperial centres, the number of currencies used in international trade and finance was limited. Decolonization saw the widespread emergence of national monetary units, and also persistent and widespread current account deficits, which have to be financed through acquisition of internationally acceptable money or foreign exchange (Harrod, 1972a; Williamson, 1977; Grieve Smith, 1999). The balance of payments adjustment process routinely overwhelms democratic governance in weak or emerging economies. The efforts to meet human development goals (Sen) or even basic human needs are thwarted by a hostile world monetary order overseen by the International Monetary Fund. Could we not get closer to meeting the Millennium Development Goals of the United Nations by adopting a world monetary unit? This question provides the focus for this chapter.
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Cameron, D. (2007). World Trade and World Money: The Case for a New World Currency Unit. In: Lee, S., Mcbride, S. (eds) Neo-Liberalism, State Power and Global Governance. Springer, Dordrecht. https://doi.org/10.1007/978-1-4020-6220-9_11
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