DISADVANTAGES OF THE CONTEMPORARY JAMAICAN WORLD CURRENCY SYSTEM AND THE NEED TO CREATE A UNIFIED WORLD CURRENCY
This article seeks to illuminate the main shortcomings of the modern Jamaican world monetary system: sharp fluctuation in exchange rates, speculation, currency crises, hegemony of countries with freely convertible currencies. Imperfections in the functioning of such a system lead to the appearance of currency unions, collective currencies and various crypto-currencies. The unrealized proposals to create a common currency by J. Keynes, R. Mandell, N.A. Nazarbayev are looked into. Particular attention is paid to special drawing rights that are issued by the International Monetary Fund. The author explains why SDRs did not become the main international reserve and currency option, as originally planned. Crypto-currencies are a relatively new phenomenon in the world’s monetary system. The methods of their production (extraction), purchase, sale and exchange are shown; the countries that officially use them are listed, and also are named the largest stock exchanges of crypto-currencies. The advantages and disadvantages of using crypto-currencies are described in detail. The measures implemented do not allow elimination of deficiencies in the existing monetary system. The author proposes a gradual transition to a single world currency and explains various advantages of its use. The introduction of a common currency will allow unification of the economies of countries into a single world economic system; it will ensure free movement of capital and will eliminate speculative operations as well as conditions leading to currency crises. The transition to a single currency is a long and complex process that will require the resolution of political and economic contradictions between countries and the development of a mechanism for the functioning of the common currency and its distribution among countries.