Globalization has created a clash of market system philosophies. Countries followed their own market models, whether that was “cowboy capitalism”, socialism, or communism. These trends potentially...

Globalization has created a clash of market system philosophies. Countries followed their own market models, whether that was “cowboy capitalism”, socialism, or communism. These trends potentially give rise to the creation of a global monetary authority that would enforce certain principles on central banks and impose serious supervision on them.