Expert: World economic system entering transition period, accelerated by Ukraine conflict
Even before the war in Ukraine and the severe Western sanctions imposed on Russia, the global economic and financial system was entering a period of transition, an economic expert says.
This has been elaborated by, Sergey Glazyev, Russia's former minister of foreign economic relations, in his book on the current situation of the global economic system as it is affected by the ongoing conflict in Ukraine and the reaction shown by the West, topped by the United States, to Russia's military operation there.
Speaking in an exclusive interview with Press TV’s Insight program, Glazyev shared his views on this subject.
These are highlights of his viewpoints and the complete video of his interview is attached.
Changes in the relative economic power of nations, particularly those of rising powers in Asia, began to challenge America's global financial and economic hegemony.
For the first time, there are serious efforts to replace the US dollar as the international trade currency as well as efforts to create new international financial systems independent of the West; new systems which cannot be abused and weaponized by the West to wage economic war on peoples around the world.
It is not yet clear how these new global economic and financial systems will look like, but what is clear is that they will be centered in Asia and be very different than what existed previously.
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