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Economic 2024/08/04
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A quick review of the causes and trends of the international conflict represented by the Cold War between the two major powers, America and China and their allies, which may lead to a possible third world war.
There is an approach that may seem clear through what happened in the period before and after the two world wars and what is happening now, which, according to indicators and expectations, portends the occurrence of a third war. We come to clarify this approach through this modest presentation and analysis, with the same reasons available, but awaiting the results.
From 1914 to 1918, when World War I took place and ended, and after twenty years, from 1919 to 1939, when World War II took place, and over the 20 years between the two wars, there was a transitional period characterised by the preparation for removing Great Britain from the throne of the world, and here I am speaking economically, then hegemony passed to the United States of America in 1944.
As long as we are talking about the economic aspect, one of the characteristics of the transitional period was the world abandoning the gold standard and not being able to reach another formula for countries to rely on in measuring their currency units. Here, the monetary chaos occurred, the events of which we are still experiencing.
As a result of the war, the old economic system was removed and countries were unable to form a new system. In 1971, the dollar was adopted as a unit of measurement for currency values, and the dollar’s link to gold was abandoned in accordance with the International Monetary Fund Agreement of 1944 referred to above. This is the current prevailing international monetary system, which is represented by monetary chaos and an unstable and volatile economic environment.
Economic experts and thinkers agree that the current phase we are living in under the tight American economic system is very similar to that transitional period that we went through.
In other words, what is happening in terms of economic war is an attempt to remove the current economic system and move to a new global economic system that is not governed by unilateral American control.
Among the indicators of this conflict are the attempts by China and the BRICS group to create a competing currency to displace America’s dollar dominance over the global economy through its global institutions, the International Monetary Fund, the World Bank, the World Trade Organization, and the United States Agency for International Development, which are the arms of globalization. Here, the evidence and facts indicate that attempts to change the economic system cannot be accomplished without war. Experts expect that any war may be coming, after which they will sit down to negotiate the form of the new economic system and who will lead it.
Hence, the approach we referred to in the introduction to the article regarding the similarity of the causes and phenomena that led to the two wars is clear to us. Despite this, perhaps the Russian-Ukrainian war and Europe’s involvement in it as a quasi-global war is the end of the new transitional period, similar to the period between the First and Second World Wars, so that the world ends up with a new international monetary system led by the BRICS currency! This analysis prompted me to choose the paths of the global economy as its title.
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