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Monetary Expansionism, Global Commodity Prices, and Global Inequality

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  • Kim, Jongchul

Abstract

An early analysis of the imperialist implications of the surge of global commodity prices was conducted in 2014 by Jonathan Nitzan and Shimshon Bichler. However, their analysis did not consider how the US monetary and fiscal expansionist policies have contributed to the rise of global commodity prices. This article fills this gap. Arguably, under the current international fiat money system established in the early 1970s, the US has had the opportunity to use artificial money-creation mechanisms to enjoy the wealth produced by people outside the US without cost. This article argues that the US monetary and fiscal expansionist policies, including quantitative easing, are cases where the US takes advantage of such an opportunity and that the free transfer of wealth is a cause of the surge in global commodity prices.

Suggested Citation

  • Kim, Jongchul, 2025. "Monetary Expansionism, Global Commodity Prices, and Global Inequality," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 16(1, Spring), pages 105-136.
    • Handle: RePEc:zbw:espost:314455
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    More about this item

    Keywords

    capital as power; commodities; fiscal policy; imperialism; inflation; monetary policy; money; prices; United States;
    All these keywords.

    JEL classification:

    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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