Money, Politics and Domination

13:06, February 19, 2020

On February 18th, at the Yeltsin Centre a public lecture was delivered by GSEM Senior Research Fellow Dr. Kazi Sohag

Dr. Kazi Sohag, Senior Researcher at Graduate School of Economics and Management, UrFU is also a non-resident research fellow at Queensland University, Australia, at MARA University of Technology, Malaysia, and at King Abdulaziz University, Saudi Arabia, gave a public lecture on Money, Politics and Domination at the Yelstin Centre.

Kazi Sohag talked about the evolution of money from the barter system to till cryptocurrency and predicted the future of money.  Dr. Kazi especially stressed the creation of Bank of England and the new monetary system as a gold standard to create the fiat currency in serving the political agenda of the British Empire. Gradually, the speaker focused on Bretton Woods System and creation of International Monetary Fund (IMF) and International Bank for Reconstruction and Development (World Bank at present) that took place just after the Second World War. The speaker also talked about Why Did the Gold Window Close and associated politics involved it. Later, the petrodollar concept was discussed. Eventually, the speaker emphasised plastic currency, electronic and cryptocurrency during the speech. The bottom line of the lecture was how the modern monetary system loses its integrity for serving the political purpose, as a consequence the world economy have been experiencing unnatural fluctuations and inflations. Dr. Kazi argued that malpractice of monetary system is the main culprit for a widened income disparity in the whole world. 

Later on, Dr Kazi focused on the external challenges of the Russian economy. He stressed the devaluation Russian Rubble just after International sanctions during the Ukrainian crisis on August 7th, 2014.

The lecture was delivered in the framework of the lecture series «By the Market Rules» organised by GSEM UrFU. The series is a project delivering public talks by famous economists, community leaders, researchers, practicing professors and providing a discussion platform for the topical issues in the fields of economics, management, finance and entrepreneurship. The project is held on the occasion of the 85th anniversary of economic education in the Urals and the 100th anniversary of Ural Federal University.