The prospect of a single global currency, as mentioned at the G20 Summit in London, is both a threat and a promise. A global banking system would be the ultimate form of globalization, but it presents a completely new set of issues. While the current byproducts of globalization promote cultural homogeneity, a global currency would create an economic unit that would have to account for the vast disparity between the richest and poorest countries in the world.
The proposed currency is supported by countries with important emerging market economies, including Brazil, India, South Korea, China, Russia and South Africa. Trade between these nations would be facilitated through a common currency, similar to the example of the Euro. But is the unification of every country across the globe really the end we should be seeking?
The familiarity of the U.S. dollar, even with its cryptic set of symbols and Latin phrases, reflects not only our history as a nation but also our founding values and sense of pride. It goes without saying this cultural reflection occurs in the currencies of other nations. Not only do cultural products and reflections help to create a sense of place, they also retain the individuality of different cultures in a hegemonic world order.
Culture is one of the concepts consistently defined throughout the majority of college classes-usually scrawled across the board on the first day of the semester. Although the discussion unfortunately becomes redundant, the reality is the way one lives creates culture. Even if most of the time the choices one makes are unconscious and determined by a concoction of subliminal messages and peer pressure, one nevertheless makes them.
The relationship of one culture to another varies based not only on their proximity to one another and their similarities and differences, but also on existing prejudices and stereotypes formed from prior encounters. Cultural diversity is as necessary to society as biodiversity is to the environment. A mass global culture would be beneficial as long as the integrity of local subcultures remained intact. However, this does not appear to be the case. Western media and Coca-Cola have been able to permeate some of the most remote locales on earth.
A single global currency would be extremely successful for large-scale corporations and governments; however, both President Barack Obama and his treasury staff have dismissed its merits. As Obama said in a televised news conference, "I don't believe that there's a need for a global currency," adding the dollar is "extraordinarily strong right now." But the regulation of a global banking system has the potential to empower some of the growing nations in the world and further strengthen the dominant ones. Has the time come for the world to become one massive society? Some would argue this sounds like the beginning of a Biblical apocalypse.
In the end, it is important to note the extent to which the world has been affected by globalization is irreversible and has created a sense of connectedness between people from different countries. We are privileged to live in one of the most dominant nations in the world today and extremely fortunate English has become the language of commerce, due to centuries of British imperialistic actions. It's up to the current creators of culture-us-not only to respect the integrity of other societies, but also to ensure they are preserved, no matter what currency we hold in our hands.
Amy Biolchini biolchal@muohio.edu
