Abstract
The article shows that economic sanctions that have been tested for a long period of time as an instrument to demonstrate the dominance of the dollar-centered world economic system, with the beginning of the Ukrainian crisis finally took shape as a new regulatory institution of global political and economic rules. The reasons led to negative shocks in global economic and financial system have been analyzed. It is demonstrated that underestimation of influence on short-term and long-term conditions of global equilibrium of the isolation of a large national economy (Russia), which has an oligopoly in a number of world commodity markets, causes a chain reaction of distortion of commodity stocks balance and fragmentation of the world commodity market itself. It is suggested that an abstract concern over defragmentation of the seemingly unshakable global monetary financial architecture started generating not yet very clear, but getting increasingly more specific and spatially diverse block frameworks, leading in the medium term to regionalization of global monetary financial system as far as settlement of payments and debt financial market are concerned, and to reformatting of the entire system of global finance and money, including the function of measure of value, in the long term. The article discusses the impact of the forced restrictions in global rules and guarantees for functioning of global market and global money as the institution to serve it, blocked access to this system for individual national economies on short-term and long-term modifications of conditions and mechanisms of performance of global economic financial system
Published Version (
Free)
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
