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Multi-Polar Capitalism: The End of the Dollar Standard - Prof. Robert Guttmann - Hofstra University (EUA)

History teaches us important lessons, provided we can discern its patterns. Multi-Polar Capitalism applies this insight to the crucial, yet often underappreciated issue of international monetary relations. When international monetary systems get first put into place successfully, such as the “classic” gold standard in 1879, Bretton Woods in 1945, or the dollar standard in 1982, they structure relations between the system’s center and the rest of the world so that others can catch up to the leader. But this growth-promoting constellation, a vector for accelerating globalization, runs its course eventually amidst mounting overproduction conditions in key sectors and spreading financial instability. Such periods of global crisis, from the Great Depression of the 1930s to stagflation in the 1970s and creeping deflation during much of the 2010s, force restructuring and policy reforms until conditions are ripe for a renewed phase of sustained expansion. We are facing such a turning point now. As we are moving from a US-dominated world economy towards a multi-polar configuration, we will also see the longstanding dollar standard give way to a multi-currency system. Three currency blocs rooted in the dollar, euro, and yuan will be dominated respectively by the United States, the European Union, and China, each a power center representing a distinct variant of capitalism. Their complex mix of competition and cooperation necessitates new “rules of the game” promoting the shared pursuit of global public goods, in particular the impending zero-carbon transition, lest we allow fragmentation and conflict shape this next chapter of our history. Short Bio: Specialization: Money and Banking, International Trade and Finance, European Economic Integration, History of Economic Thought. Robert Guttmann, Professor of Economics in the Department of Economics at Hofstra University, studied in Vienna (Austria) and the University of Wisconsin before obtaining his Ph.D. at the University of Greenwich in London in 1979. He won "Distinguished Teacher of the Year" awards at Hofstra in 1989, 2004 and 2012. He teaches International Economics, Monetary Economics, Economic Integration in the European Union, and Public Finance. Widely published in monetary theory as well as money and banking, his latest books are "Finance-Led Capitalism: Shadow Banking, Re-Regulation and the Future of Global Markets" (Palgrave, 2016) and "Eco-Capitalism: Carbon Money, Climate Finance and Sustainable Development (Palgrave, 2018). He is currently working on another book, provisionally entitled "Multi-Polar Capitalism: The End of the Dollar Standard" and scheduled for publication in late 2020.