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ONE WORLD, ONE CURRENCY: THE UTOPIAN DREAM OR AN INEVITABLE REALITY?


By P Mohan Chandran


The Age of Disparity


In an epoch where the ancient Sanskrit phrase "Vasudeiva Kutumbakam" (World is One Family) reverberates in the corridors of global diplomacy, one can't help but ponder—why does the world's financial system remain a labyrinth of currencies? Why do we still grapple with the archaic complexities of exchange rates, currency conversion fees, and economic disparities? Is it time to transcend these boundaries and embrace the concept of "One World, One Currency"?


The Mirage of Monetary Sovereignty


Nations cling to their currencies as symbols of sovereignty, a vestige of historical pride. But at what cost? The labyrinthine system of foreign exchange not only burdens the common man but also perpetuates economic inequality on a global scale. The hegemony of dominant currencies like the U.S. Dollar or the Euro creates a skewed financial ecosystem, where smaller economies often find themselves at a disadvantage.


The Egalitarian Promise


Imagine a world where you could travel from the bustling markets of Tokyo to the serene landscapes of Iceland without ever worrying about exchanging your money. A world where the currency in your pocket holds the same value, irrespective of geographical boundaries. This is not just a utopian dream but a tangible possibility that could redefine global economics.


The Euro: A Case Study


The European Union's experiment with the Euro offers a microcosmic view of what a global currency could achieve. Despite initial skepticism and the complexities of merging disparate economies, the Euro has largely succeeded in creating a unified economic space. It has eliminated exchange rate risks, facilitated free trade, and fostered economic stability within the member states.


The Technological Imperative


In an era where cryptocurrencies like Bitcoin are challenging the traditional notions of currency and sovereignty, the idea of a global currency is not far-fetched. Blockchain technology could provide the secure, transparent platform needed to implement and manage a global currency, devoid of centralized control.


The Challenges and Counterarguments


However, the path to a single global currency is fraught with challenges. Economic policies are intricately tied to a nation's social and political fabric. A global currency would necessitate a global monetary policy, which could be an anathema to national interests. Moreover, the transition would require unprecedented levels of cooperation and trust among nations, something that is conspicuously lacking in today's geopolitics.


The Philosophical Underpinning


The concept of "One World, One Currency" aligns with the philosophical tenets of global unity and egalitarianism. It challenges the existing paradigms of financial inequality and offers a vision of a world where economic stability is not the privilege of a few but the right of all.


The Probing Questions


So, we return to the questions that loom large: Are we ready to relinquish a fragment of our national identity for the greater good? Can we overcome the deeply entrenched economic disparities to create a level playing field? Is the world prepared to take a collective leap of faith towards a unified future?


As we stand on the cusp of a new era, these questions demand not just contemplation but action. For in the answers may lie the blueprint of a new world order, one that truly embodies the spirit of "Vasudeiva Kutumbakam."


Do you think #OneWorldOneCurrency can become a reality?

  • Yes, why not? With consensus & human will, it is possible.

  • No, it is difficult to get a 'consensus' on one currency.


© 2023. P Mohan Chandran. All Rights Reserved.

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