HauntedBySpectacle [he/him, comrade/them]

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Joined 2 years ago
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Cake day: April 13th, 2022

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  • China has been unwilling to challenge the dollar with yuan

    IMO this is actually a good thing for socialism and potentially signals China’s long-term commitment to it. Of course it would also be great if the dollar were replaced, but replaced with what is very important.

    If the yuan were internationalized, China couldn’t impose the kind of strong capital controls which have allowed it to develop the economy toward socialism while retaining markets to a (likely necessary) degree. Further, there would be much greater incentive to export capital internationally rather than use it domestically, which could lead to a kind of social imperialism.

    The synthesis of maintaining capital controls and dehegemonizing the dollar IMO is that the dollar is replaced not by another single nation’s currency (which is just a different kind of unipolarity, after all), but instead by an international currency like the Bancor proposal.

    (A dual-circuit thing like the USSR under Stalin would be better for transitioning away from money itself ofc, but I have no clue how that would work across borders and it seems impossible that any capitalist countries would accept such a system. If the world got to that point, socialism as a world-system would have practically already won)