An episode (10/2022) of "For the Rest of the Story" program sheds light on the tools of Western hegemony and how this hegemony was formed and developed under the leadership of America after World War II, and how international organizations and major financial institutions were used to punish countries or restrict others, which the West sees led by Washington. It might threaten his interests.
With the collapse of the Soviet Union, the world turned into a unipolar led by the United States, and everyone spoke in the English language and dealt with its currency, the dollar. After that, trade exchange appeared between the countries of the world, which created a kind of stability in the world. The powerful countries also took advantage of the international financial institutions that were established during the Second World War. Such as the International Monetary Fund, the World Trade Organization and the World Bank.
Former professor of political thought at the University of Turin, Angelo Dorsey, believes that Western countries, led by America, control international institutions through their high stakes in them. In addition, the agreements say that the head of the International Monetary Fund must be a European figure, and the head of the World Bank must be an American.
On the other hand, the expert in international economics, Christopher Hartwell, denied that the United States is in control of the International Monetary Fund’s decision, noting that the Fund’s work is focused on providing technical assistance, not providing grants and financial loans, noting at the same time that America is lucky because its currency is the reserve currency. In the world.
In turn, economics researcher Hassan Al-Shaghel confirmed that America used its influence on the World Bank by blocking many loans requested by countries such as Brazil, India and Pakistan, because these countries wanted loans to develop their industry from new and steel, which America is one of the largest producers in the world with this. sector.
For his part, economic writer Adnan Abdul Razzaq said that the US gross domestic product amounted to $23 trillion, equivalent to 1.4 percent of the global gross domestic product, which means that the dollar is based on a large economic base, in addition to scientific, cultural, space development and even the arms field in America.
Penalty date
The ability of the United States to implement sanctions has been evident since the 1990s when it implemented the oil-for-food program on Iraq, and then on Libya when its dollar assets were frozen, and recently sanctions were imposed on Russia because of its war against Ukraine, with the active participation of European countries this time. .
What is new in these sanctions is the expulsion of Russian banks from the global Swift system, which led to a 5% contraction in the Russian economy, and led to a mass exodus of foreign companies from Russia, which the West used with Iran in 2012, which led to the decline of the Iranian economy 30% of its foreign trade.
Ashraf Dawaba, professor of economics at Sabah El-Din Zaim University, spoke about that international economic sanctions are not valid according to international law because they affect peoples, and sanctions must be in accordance with UN Security Council resolutions, not to be taken by states individually or collectively, and sanctions must pass through International Monetary Fund.