Mirza Khidasheli
Following the 2008 financial crisis, China and the BRICS efforts to contest the supremacy of the U.S. dollar by advocating for an alternative monetary framework, particularly trade with national currencies. This paper explores the fundamental contradictions inherent in these initiatives, positing that it is both disingenuous and conceptually flawed for authoritarian regimes—characterized by the absence of democratic governance and rule-based legal systems—to champion a rule-based international financial architecture. Such governments, which stifle transparency and accountability within their borders, are ill-suited to cultivate a stable and just global monetary system. Moreover, the emphasis on national currency trade, particularly involving China, is likely to result in the dominance of the Yuan, as no nation in the Global South possesses nearly the same level of export capacity and economic clout as China. Consequently, rather than establishing a more equitable system, these initiatives reinforce China's monetary authority and underscore the contradictions of authoritarian states advocating for a rule-based order that they do not uphold.
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