Geoeconomic aspects of the monetary globalization

Abstract

Author defines monetary globalization and examines the historical process of spreading money and cash nexus across the globe. It is stated that money developed almost simultaneously in three great civilizations (Europe, India, China), but over time the Hellenistic form of money absorbed and universalized all other forms of money. The author examines in detail the process of distribution of metallic and then credit form of money and their impact on economic globalization. All these processes occurring both in the markets of separate countries or small regions and at the international level (where money started to act as global currency almost immediately after its appearance) constitute the essence of the monetary globalization. The author dwells on the post-Bretton Woods period of development of the World Monetary System, believing that the extensive phase of monetary globalization has come to an end at this stage and its further development will be caused by fundamental qualitative changes.