Modern Currency System and the Dominance of the U.S. Dollar: An Analysis of the Views of Dr. Jawaid Akbar Ansari

جدید کرنسی نظام اور ڈالر کی برتری: ڈاکٹر جاوید اکبر انصاری کے نظریات کا جائزہ

Abstract

Human society initially conducted its economic activities through the direct exchange of goods and services, commonly known as the barter system. Over time, the monetary system has undergone significant transformations, evolving into modern forms such as fiat, digital, and cryptocurrency-based currencies. In the contemporary global economy, the US dollar has emerged as the dominant international currency and a significant source of economic and political power. Its dominance affects not only national economies but also the global balance of power and the economic sovereignty of states. Thus, currency is no longer merely a medium of exchange; it has also become an instrument of global influence and geopolitical power. The dominance of the US dollar may consequently undermine the economic sovereignty of other countries. The depreciation of national currencies against the dollar can reduce purchasing power, increase the cost of living, and adversely affect investment and economic stability. According to Dr. Javed Akbar Ansari, the modern monetary system and the dominance of the US dollar have contributed to an inequitable global economic order. This system, he argues, further weakens developing economies and increases their dependence on dominant global powers. Dr. Javed Akbar Ansari has critically examined these structural problems associated with the modern monetary system and the international dominance of the dollar. This study therefore aims to examine and critically analyze his views on the modern currency system and the dominance of the US dollar, with particular attention to their economic, political, and sovereignty-related implications.