CAN GLOBAL ELITES PAVE THE WAY FOR A NEW TRANSNATIONAL UNIT OF ACCOUNT? A Reflection on the Numerical Nature of Money

In this article, we investigate the issue of the dollar-based international monetary system. We start by listing the reasons why money has essentially become a numerical form in the contemporary world economy. After reviewing the salient characteristics of the flawed international monetary and financial architecture of the world economy, we assess whether a transnational unit of account could constitute a viable political alternative to the current international payments system. The latter scenario is envisaged both with regard to the field of international relations and with the help of a revisited definition of the transnational capitalist class.