Fundamental Misalignment in the International Monetary System
摘要
This chapter identifies and analyzes the profound structural misalignment between the tripod structure of the global economic fundament—the Global Value Chain (GVC)—and the unipolar, US dollar-dominated International Monetary System (IMS). It traces the historical evolution of the IMS to establish its inherent inertia, demonstrating through empirical data that while the GVC has evolved into three regional hubs centered on China, Germany, and the United States, the IMS remains overwhelmingly centered on the US dollar. This mismatch grants the United States significant international seigniorage benefits but creates systemic instability. The chapter explores three potential resolutions—“convergence” of China into the US-led system, “decoupling” to exclude China, or a reform towards a tripod IMS.