Sociology and the international monetary system: an update of Hoogvelt and Vermeiren

ABSTRACT

While money is centrally important to globalization, inequality, and social conflict, sociological globalization theories lack a macro theoretical framework for analysis of the international monetary system. Because studies of the US dollar by Hoogvelt (2010) and Vermeiren (2013) are directly relevant to the development of such a framework, in this paper I critically review their analyses in light of (A) post-Great Financial Crisis macroeconomic and sociopolitical trends, (B) recent theoretical studies of money, and (C) empirical studies of the international monetary system. My critique of Hoogvelt and Veirmeiren’s analyses serves as a foundation for the development of a theoretical analysis of money that is both sociological and global in its orientation.

KEYWORDS:

• Theory
• money
• shadow banking
• Eurodollar
• Great Financial Crisis

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Notes on contributors

Gabe Ignatow

Gabe Ignatow is Professor of Sociology and Digital Social Science program chair at the University of North Texas. His research on globalization includes studies of environmentalism, information policy, and religion.