The Swift monetary system as an American hegemonic tool
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Date
2023
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University of Oum El Bouaghi
Abstract
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a global financial network that enables secure and standardized communication between banks and financial institutions for international transactions. It facilitates the exchange of financial messages, ensuring confidentiality and accuracy, and plays a vital role in promoting cross-border transactions and maintaining stability in the global financial industry.This master thesis examines the role of the SWIFT monetary system as a tool for United States hegemony. It explores the origins and evolution of SWIFT, the services it provides and its management and shareholding structure. The thesis investigates how the United States has strategically utilized SWIFT along with the petrodollar system to maintain its dominance in the international financial landscape. It analyzes the impact of SWIFT sanctions against countries like Russia and China, and explores the challenges to the US hegemony posed by emerging coalitions and systems. Furthermore, it discusses potential alternatives for the SWIFT system found by rival countries such as the Russian SPFS and the Chinese CIPS. Overall, this research contributes to the understanding of SWIFT as a tool for United States hegemony and provides insights into the implications and alternatives within the international financial system.
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Keywords
United states; China; Swift; Petrodollar; Russia