Through recent decades, Iran has consistently been faced with economic sanctions by the United States. Due to the hegemony the United States has over international monetary systems, sanctions can...Show moreThrough recent decades, Iran has consistently been faced with economic sanctions by the United States. Due to the hegemony the United States has over international monetary systems, sanctions can be detrimental. This was displayed in 2012 when Iran was sanctioned by The Society for Worldwide Interbank Telecommunication (SWIFT), an interbank messaging platform which can be influenced by the United States. SWIFT is responsible for facilitating $5 trillion USD in settlements daily. As a result, the Iranian economy suffered greatly as they could not facilitate their oil sales with international partners without SWIFT. This thesis seeks to find alternative payment and messaging platforms which may compete with SWIFT and assist in sanctioned countries to avoid the current hegemonic nature of payment and messaging platforms. In finding alternatives, two stand at the forefront of this economic discourse for sanctioned states. One being the Cross-Border Interbank Payment System which was established as a result of the internationalization of the RMB. And the rise of RippleNet, a blockchain based messaging and payment platform which has emerged due to the technological advances in the finance industry. In doing so, the paper analyzes shifts in global finance and its subsequent impact on sanctioned countries.Show less
As the largest developing nation of the world, it is the self-professed Chinese Dream to build a “democratic, culturally-advanced and harmonious modern socialist country” that projects a “new type...Show moreAs the largest developing nation of the world, it is the self-professed Chinese Dream to build a “democratic, culturally-advanced and harmonious modern socialist country” that projects a “new type of international relations featuring win-win cooperation,” (Arab Policy, FMPRC 2016). China’s economic rise in the 21st century has received immense speculation of both mainstream and Critical International Political Economy (IPE) scholars as to whether the country and its political establishment presents an ideological or economic challenge to neoliberal hegemony and the ideology of the Washington Consensus institutions. In the context of neo-Gramscian theory, this paper will focus on China’s One Belt One Road (OBOR) as a case study to determine how China may be building a counter-hegemonic challenge through the promotion of this “new type of international relations”. What began as a far-flung dream of recreating the ancient Silk Road through the Eurasian continent has now evolved into a serious endeavor including more than 60 countries. Besides offering these countries richer ties to the global economy, the OBOR allows for wide-ranging projects to build super highways and bullet trains, to pipelines and deep sea ports linking a global supply chain for the swift transportation of goods and services. Accelerated development of the OBOR initiative spawn from two recent experiences which have fundamentally changed China’s position in the international political economy.Show less
