The Transition from a US-Centered International Political Economy: A Trend in the Use of Sanctions and the Global Dollar System by the United States

During recent decades, the transitions such as the advent of nuclear deterrence and the increasing financial burden of military conflict have dramatically reduced the desirability of using military means. According to this variant, the grand strategy of the United States, especially over the last two decades, has been to reduce military engagement and improve the usage of alternative means. One of the most important tools that has had an ascending trend is economic sanctions, which, with the support of the global dollar system, is severely impacting the sanctioned countries. The main issue that this study seeks to address is the reasons of growing imposition of sanctions as a tool in United States’ grand strategy. To address this question, it has been hypothesized that, in parallel with the increasing universality of the US dollar in the international economic system, the United States has used the dominance of the dollar as one of its foreign policy tools to pressure other countries. In return, the emergence of new rising powers such as China, India, and Russia; and the growing trend of imposing sanctions by the US, have created a potential coalition of countries with common interests that have accepted the transition from an US-centered economic order as one of the fundamental approaches of their macro strategy.