Inquiry of the editors of Külgazdaság
WILL THERE BE A NEW WORLD ORDER? IF SO, WHAT KIND? OR WILL CHAOS BE ORDER? MOREOVER, WHERE WILL HUNGARY LAND?
Global disorder, global (dis)order, global dis-order. The English term is varied depending on what the authors or the institutions want to emphasise. Cambridge Dictionary defines disorder as a state of disorder, a lack of organisation. The British Academy, on the other hand, also raises the question of whether ‘global disorder’ denotes a lack of order, or whether it should be described in terms of the extent to which disorder differs from the existing order. It launched an international dialogue to explore this question. The emphasis of ‘dis’ before ‘order’, whether in parentheses or hyphens, indicates that disorder in the global world, from politics to economics, ideologies to everyday life, is not a disorder in the ordinary sense, but a state of dis-order moving towards a new order. Thus, is an order of disorder emerging? Or is the lack of order, i.e. disorder itself, becoming the new order?
“In a world rife with geopolitical tensions, policymakers grapple with many crises, giving rise to what economists dub a new “global dis-order.” Concurrently, industrial policy is resurging, signaling a return to state intervention in the economy. While some argue for “de-risking” over “decoupling,” notable powers like the United States and the European Union are actively promoting policies aimed at reducing dependencies on China in pivotal sectors. This shift carries significant economic and geopolitical implications, fostering trade within politically aligned trading blocs.”
According to a recent publication by the Jacques Delors Institute, which focuses on possible global economic responses, there are other perspectives and interpretations. The world has survived the pandemic, has weathered a severe inflationary wave and could enter a new growth phase – if there is one. All this is happening as security-seeking blocs and powers try to protect their markets. The fragmented economic process is also being played out by changes in the balance of power between the centres of power: the BRICS are gaining strength, China is pushing forward more aggressively, the traditional liberal democracies in Europe are weakening, and the election of Donald Trump is itself a challenge, with the need to adapt. In addition, Europe continues to be weighed down and burdened by Russia’s war against Ukraine.
In this changing world, the Hungarian government wants to flee forward. The Prime Minister has tied himself and his country to three influential figures on the global stage – Donald Trump, Vladimir Putin and Xi Jinping – and has now plunged himself into a seemingly intractable conflict with the European Union. He has also set the course forward to the 3-6% annual economic growth path enshrined in the New Economic Policy Action Plan, guaranteed by economic neutrality.
What will come of this?
We asked the regular contributors to Külgazdaság to examine the global landscape as a whole or any element of it and write down their observations, hopes, or fears. The genres suggested range from gritty analysis to essays to the world of science fiction or dystopia.
However, free-flowing thoughts are also asked to be limited to 10,000 characters.
Responses were submitted to the editorial office between 18 January and 18 February 2025.
The editorial office of Külgazdaság
The creation of a common currency for a decentralised empire in the 16th century
Review on the book
Oliver Volckart: The Silver Empire: How Germany Created Its First Common Currency (Oxford University Press, 2024, 377 pages)
KÁROLY ATTILA SOÓS
In the first decades of the sixteenth century, the monetary disorder prevailing in the Holy Roman (practically German) Empire became increasingly problematic. Coins were issued by one-third of the approximately 360 imperial estates (elector kingdoms, princedoms, imperial cities, etc.). The total number of coins minted in the empire between 1480 and 1550 was estimated at 4500. Of course, not all of them circulated constantly everywhere. However, extreme monetary diversity – which also facilitated counterfeiting, i.e., copying coins with lower silver content – caused much trouble. Less trouble to “professionals” (merchants), and more to the “common man” (peasants, artisans, workers, etc.), whose political importance was increasing in that period.
Emperor Charles V (1519–1555) made important and not useless efforts to create a common currency. However, it seems that his successor Ferdinand’s diplomatic skills were necessary for shaping the compromises and consensus with the imperial estates required by the final success. He also found and hired excellent experts who were able to establish institutions that could guarantee the endurance of the important monetary reform.