Structural Power in International Monetary Relations.

Building on Susan Strange’s ideas, this paper points to the usefulness of the distinction between relational and structural power in analyzing inter-state monetary power relations. While relational power is the ability of one state to influence another state’s behavior directly, structural power refers to one state’s power to indirectly influence others by controlling the monetary structures within which they must operate. In this paper, I argue that structural power in the global monetary system influences outcomes in a wider range of areas than even Strange identified. I explore this broader significance through a brief examination of 1) colonial currency relations in the first half of the 20th century as well as 2) the structural power that the US derives from dollarization today. [ABSTRACT FROM AUTHOR]