Overcoming the Global Trilemma: New Monetary Politics in the Anthropocene: Dani Rodrik Revised Journalartikel uri icon


  • This paper will review the concept of the "open economic trilemma" between national sovereignty, global integration and democratic politics. It will introduce, as a possible solution, the concept of a parallel dual currency system operating through new monetary channels using distributive ledger technology. Although not apparent at first glance, this additional system could provide a Pareto-superior optimum by integrating spillovers and negative externalities and by fostering political efficacy on a national level. Monetary autonomy, national sovereignty and further global integration could thus become possible. In short, the existing global currency system leaves global economic integration in a suboptimal equilibrium. The current hype surrounding cryptocurrencies provides a preliminary rationale for a dual currency system. Designed in the right manner, a dual currency system could provide the necessary change towards greater wealth while leading to a more sustainable planet.


  • 2019

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