ABSTRACT
As we move toward a world dominated by trade, global production networks, and huge cross-border movements of capital, the traditional policy apparatus of nation-states no longer suffices. The emerging global accumulation regime requires an additional layer of management and regulation, based on new multilateral arrangements and international policy-making institutions. One of the most pressing issues in this transformation is the replacement of our current multicurrency system with a new kind of universal credit-money that provides the world economy with sufficient liquidity and balanced adjustments. Keynes's Bancor plan, the Special Drawing Rights issued by the IMF, the European Currency Units of the EC are all first steps toward truly stateless money managed by an international monetary authority. Such a money form is, in my opinion, a logical step in the evolution of contemporary capitalism, a distinct possibility as we complete our transition to a global accumulation regime. In this chapter we shall examine how such a uniform money standard might operate in practice.
