Document Type

Article

Disciplines

International Law

Abstract

Even though the globalization concept has been almost universally embraced, a single or leading currency has yet totally to emerge. This article addresses the top contenders for the position of leading currency: the euro, the dollar, the yen and the "BEMU," which is undeclared at this time. Projections have been made that "by 2030 the world will have two major currency zones - one European the other American."' This article also addresses the possibilities of a single currency and the obstacles in the way of a single currency. Finally, it concludes that the United States, Japan, and the European Community ("EC") must recognize the potential competition that big emerging markets may pose. "Prevailing wisdom continues to maintain that economic growth offers the answers to poverty, environmental security and a strong social fabric, and that economic globalization - erasing economic borders to allow free flow of goods and money - is the key to such growth."2 Transnational international capital has become the de facto New World government, and its increasing control over the global economy is underpinned by the free trade orthodoxy.' This article concentrates on this pattern and highlights the possible analogies that will develop as the monetary war escalates and a leader emerges.

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