Sociology and the international monetary system: an update of Hoogvelt and Vermeiren

Abstract

ABSTRACT While money is centrally important to globalization, inequality, and social conflict, sociological globalization theories lack a macro theoretical framework for analysis of the international monetary system. Because studies of the US dollar by Hoogvelt (2010) and Vermeiren (2013) are directly relevant to the development of such a framework, in this paper I critically review their analyses in light of (A) post-Great Financial Crisis macroeconomic and sociopolitical trends, (B) recent theoretical studies of money, and (C) empirical studies of the international monetary system. My critique of Hoogvelt and Veirmeiren’s analyses serves as a foundation for the development of a theoretical analysis of money that is both sociological and global in its orientation.