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Overhauling the Global Economy

by Imtiaz Rafi Butt
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imtiaz rafi butt

The global financial system is undergoing a tumultuous period of change. Financial experts worldwide believe that the dollar is in decline, and with it, currencies that have the potential to take its place are also flourishing. The dominance of the dollar has established the control of international institutions such as the International Monetary Fund and the World Bank. Various countries are taking simultaneous measures to de-dollarize their economies, and the global political and financial landscape is being profoundly affected as a result.

After the second World War, the dollar emerged as the dominant currency. The Bretton Woods Conference laid the foundation for the IMF and the World Bank. Through these financial institutions, Western powers, especially the United States, kept third world countries under control. The American organizations structured the system in such a way that the third world countries remained dependent on funds provided by Western powers. The IMF and the World Bank are sponsored by the United States, and this is Washington’s agreed agenda, which these organizations follow. Numerous universities and research institutions worldwide have emphasized the need for the inclusion of global economies and equal opportunities in the IMF, but their impact has not been seen. Western nations are predominantly capitalist, so it is the IMF and World Bank’s policy to protect capital and its interests.

Investment has dominated the global landscape for more than four decades. The collapse of the Soviet Union is seen as a setback for socialism, which was pushed aside in favor of capitalism. Private ownership and capitalist systems have even been adopted by countries like Vietnam and China, with control still in the hands of the government. This system, known as the New World Order, was based on market forces that were controlled on a global level through the IMF and the World Bank. It was a great tool for controlling the world and providing funds to allies. Today, it is still the same, as the IMF offered Ukraine over $17 billion to fight against Russian forces, while other countries like Lebanon, Sri Lanka, and Pakistan were forced to accept harsh conditions and administrative changes for their bailout packages. The IMF and World Bank have continued to use their power for western political agendas. Credit lines, bailout packages, and project funding are given to compliant leaders and governments, while those who do not comply are subject to restrictions. Numerous examples exist in Africa, South America, and even Asia, where countries follow the foreign policies dictated by Washington and receive relief from the IMF.

Countries that are disliked are subjected to restrictions and are harmed. Instead of helping the development of poor countries, America has trapped them in IMF loans and credit lines. In reality, loans and funding benefit only a few families or policy groups in these corrupt governments, while the people suffer from economic hardship. Then the governments are forced to act according to the wishes of these financial institutions.

China’s development is a unique case in the world economy. As a country established on communism and socialism, it has become the biggest economic power with a capitalist approach. The Chinese model is neither socialist nor capitalist, but a beautiful fusion of both. The Chinese system has lifted millions of people out of poverty, and today, the average household income of every Chinese family is over $13,000 per month. Capitalism mainly relies on democracy, which is often at the mercy of the majority in a multi-party system. However, China is a unique collective country that continues to produce capable, loyal, brave, and patriotic leaders. The Chinese model is entirely new and is changing the world economy. The dollar is supported by the IMF and the World Bank, which is precarious and vulnerable.

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