Currency and Sovereignty: The Political Economy of a BRICS Common Currency and the Contestation of Dollar Hegemony

As published in the Volume 3(1) of Ramjas Political Review

Abstract

The BRICS proposal for a common currency functions primarily as a geopolitical signal rather than a purely macroeconomic ambition. Drawing on theoretical concepts of international political economy and international relations, this academic essay assesses the initiative through the lenses of monetary sovereignty, structural power, and global governance contestation. It argues that the proposal simultaneously challenges dollar hegemony and exposes intra-BRICS asymmetries, particularly China’s strategic dominance. Framed as a contested political process rather than a technical exercise in monetary integration, the BRICS currency project reflects broader struggles over sovereignty, South-South cooperation, and the reconfiguration of power in an evolving multipolar order.

Keywords: BRICS, Dollar hegemony, Monetary sovereignty, Currency politics, De-dollarisation

To read: Link

The author, Oishee Roy, is a student at St Xavier's College (Autonomous), Kolkata.

Featured image credit: Buddy Loan