The Soft Uprising: China and Russia's attempt to break out of the global financial system

Ahmad Kilani; Mostafa Ghaboura; Malik Ashmoon Abou Zahr Diaz; Montaser Hamed Abou Zahr Diaz

doi:10.34069/AI/2020.29.05.29

Ahmad Kilani RUDN, Moscow. https://orcid.org/0000-0002-5438-9264
Mostafa Ghaboura RUDN, Moscow. https://orcid.org/0000-0002-5252-870X
Malik Ashmoon Abou Zahr Diaz RUDN, Moscow. https://orcid.org/0000-0001-9878-5245
Montaser Hamed Abou Zahr Diaz RUDN, Moscow. https://orcid.org/0000-0002-4296-4575

DOI: https://doi.org/10.34069/AI/2020.29.05.29

Keywords: USA, China, Russia, financial system, hegemony.

Abstract

This paper sheds the light on the ongoing conflict between the two global powerhouses, the United States, and the Sino-Russian agreement, and how the latter is challenging the US economic hegemony by attempting to change the world’s financial system. To better discuss this struggle, this paper will review the historical development of the financial system, its risks and challenges, the position of Russia and China in the current system, their motivations for the breaking out, and then decide whether this breakout is possible under the current circumstances. In order to do that, this study examines the Russian-American relationship, and the Chinese-American relationship to understand the differences and how each country functions toward the other. This paper will rely on neutral studies in an attempt to explain the reasons of this uprising. In addition, this study shows that either China, or Russia alone can challenge the United States hegemony, in fact, the Chinese economic power depend on the Russian political influence and vice versa. In the current moment, the Russian-Chinese alliance is not able to break out from the American hegemony as long as the dollar is still used as the global currency.

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Author Biographies

Ahmad Kilani, RUDN, Moscow.

Faculty of Social Sciences, Department of Comparative Politics, RUDN, Moscow.

Mostafa Ghaboura, RUDN, Moscow.

Faculty of Economics, Department of World Economy, RUDN, Moscow.

Malik Ashmoon Abou Zahr Diaz, RUDN, Moscow.

Faculty of Economics, Department of World Economy, RUDN, Moscow.

Montaser Hamed Abou Zahr Diaz, RUDN, Moscow.

Faculty of Economics, Department of Economic and Mathematical Modeling, RUDN, Moscow.

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