Monetary sovereignty is a precondition for capital accumulation and full employment

Evidence

There has undoubtedly taken place a major expansion of global interdependence in the division of labour since the Second World War. This has helped to bring about shifts in the worldwide distribution of production, including the deindustrialisation of some regions in the developed countries and the emergence of the “Newly Industrialising Countries” in the Third World. It has also undoubtedly served to reduce the internal economic hegemony of many states, particularly those with a high level of industrialisation. It is more difficult for the capitalist countries to manage their economies than formerly was the case, given accelerating global economic interdependence. This is almost certainly one of the major reasons for the declining impact of Keynesian economic policies, as applied at the level of the national economy, in current times. — Anthony Giddens, The Consequences of Modernity, 188 (#corroborates, via linked claim)

Categorization

• XREF: connects to: Currency issuance is inseparable from national sovereignty; Legal monetary sovereignty rarely yields true economic currency sovereignty; Foreign-backed monetary systems subordinate a state to that foreign country. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369 (+6 more)

Related

• Currency issuance is inseparable from national sovereignty (similarity 0.88)
• Global interdependence weakened national economic control and Keynesian policy (similarity 0.86)
• Legal currency ownership does not confer economic monetary sovereignty. (similarity 0.84)
• A sovereign currency makes a state incapable of defaulting on its own obligations (similarity 0.84)
• Legal monetary sovereignty rarely yields true economic currency sovereignty (similarity 0.83)
• Monetary sovereignty let Nigeria avoid IMF subordination where franc-zone states could not (similarity 0.82)
• A sovereign-currency state can never become insolvent in its own currency (similarity 0.81)
• A sovereign currency makes state insolvency in that currency impossible. (similarity 0.81)
• No state with over 100 million people lacks its own national currency (similarity 0.80)
• Only the modern nation-state can transform private debt into standard payment (similarity 0.79)
• Monetary sovereignty let Nigeria escape IMF where CEMAC states could not (similarity 0.79)
• Currency arrangements can function as wealth-transfer mechanisms between societies. (similarity 0.79)
• Only seven countries hold true monetary sovereignty today. (similarity 0.79)
• Foreign-backed monetary systems subordinate a state to that foreign country. (similarity 0.78)

Broader Connections

• Global interdependence weakened national economic control and Keynesian policy #corroborates (0.78) — Anthony Giddens, The Consequences of Modernity, 188
• Monetary sovereignty let Nigeria avoid IMF subordination where franc-zone states could not #exemplifies (0.70)
• Legal monetary sovereignty rarely yields true economic currency sovereignty #qualifies (0.60)
• A sovereign currency makes a state incapable of defaulting on its own obligations #expands (0.60)
• A sovereign-currency state can never become insolvent in its own currency #expands (0.60)
• Foreign-backed monetary systems subordinate a state to that foreign country. #expands (0.55) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369
• The currency was the core mechanism of French control despite formal sovereignty. #complicates (0.55) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 87