Follow these Instructions and outline for the essay:Answer this research question: To what extent does the BRICS initiative to de-dollarise global trade pose a credible challenge to the U.S. dollar’s dominance in the international monetary system?
Use this thesis statement: BRIC’s initiative to challenge dollar dominance is unlikely to challenge and will not ultimately replace the dollar’s role in the international system.Your essay should include:
- A clear, analytical research question;
- Justification for the research (answer the ‘so what’ question);
- A statement of argument that is falsifiable (can be proven or disproven);
- A literature review to situate your research in the relevant literature;
- An engagement with evidence or theory to illustrate your argument
To get an excellent (A-, A, A+) result for the essay, a student will:
- Have all of the above elements of an essay executed to a high standard;
- Have a clear and analytical research question;
- Develop an original argument and sustain it throughout their essay;
- Convincingly justify the relevance of their research, including by indicating how it relates to the course readings and/or wider scholarly work on international political economy;
- Structure their paper in a logical manner that enables development of a strong original argument;
- Use a range of scholarly references and cite them correctly;
- Write in a concise, engaging, stimulating way;
- Keep to the word limit.
Follow this outline:
1. Introduction (~400 words)
Purpose: Introduce topic, context, and argument.
Instructions:
- Open with the historic dominance of the U.S. dollar.
- Introduce the BRICS initiative and its goals to reduce dollar reliance.
- Clearly state your research question.
- Provide your thesis: BRICS de-dollarisation efforts are politically significant but do not pose a credible structural challenge to dollar dominance.
- End with a roadmap of how your essay is structured.
Key Sources:
- Eichengreen (2011)
- Farrell & Newman (2019)
- Susan Strange (1988)
- Cohen (2015)
2. Literature Review & Theoretical Framework (~1200 words)
Purpose: Provide scholarly context and theoretical lens.
Subsections & Instructions:
2.1 Hegemonic Currency Theory (200 words)
- Explain how the dollar became dominant post-WWII.
- Introduce Kindleberger’s and Eichengreen’s view.
2.2 Structural Power and Network Effects (250 words)
- Introduce Susan Strange’s structural power.
- Explain Cohen’s concept of currency hierarchy.
2.3 Requirements for International Currency (250 words)
- Outline prerequisites: convertibility, stability, institutional trust.
- Explain how BRICS currencies fall short.
2.4 BRICS as a Soft-Balancing Coalition (250 words)
- Argue BRICS acts symbolically more than institutionally.
- Reference political fragmentation.
2.5 Theoretical Lens (250 words)
- Apply IPE theories (realism, structuralism) to frame your analysis.
- Set up how this lens supports your argument.
Key Sources:
- Kindleberger (1973)
- Eichengreen (2011)
- Strange (1988)
- Cohen (2015, 1998)
- Hopewell (2017)
- Armijo & Roberts (2020)
3. Main Analysis (~900 words)
Purpose: Examine BRICS initiatives, strengths and weaknesses.
Subsections & Instructions:
3.1 Overview of BRICS De-dollarisation Initiatives (200 words)
- Discuss NDB, CRA, local currency trade, gold reserves, etc.
3.2 Internal Fragmentation (200 words)
- Highlight political and economic disunity among BRICS states.
3.3 Weaknesses of BRICS Currencies (200 words)
- Focus on convertibility, macro instability, and lack of liquidity.
3.4 Symbolic vs Systemic Impact (150 words)
- Contrast BRICS discourse with structural power.
3.5 Digital Currency & Long-Term Prospects (150 words)
- Briefly assess CBDCs and regional digital currencies.
Key Sources:
- Chin (2016)
- Kirshner (2008)
- Cohen (2015)
- Armijo & Roberts (2020)
4. Counterarguments & Rebuttal (~300 words)
Purpose: Acknowledge opposing views and respond.
Subsections & Instructions:
4.1 Counterargument: BRICS Momentum (150 words)
- Present views claiming BRICS is gaining traction (e.g. RMB use in trade).
4.2 Rebuttal: Structural Weaknesses Persist (150 words)
- Explain why these moves are still marginal and lack institutional foundation.
Key Sources:
- Chin (2016)
- Farrell & Newman (2019)
- Cohen (2015)
5. Conclusion & Future Research (~200 words)
Purpose: Wrap up argument and suggest further study.
Instructions:
- Summarise the key findings and restate thesis.
- Conclude that BRICS poses a symbolic, not structural, challenge.
- Recommend areas for further research: CBDCs, regional blocs, changing geopolitics.
Key Sources:
- Cohen (2015)
- Farrell & Newman (2019)
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