Polarity in international relations
Encyclopedia
Polarity in international relations is any of the various ways in which power is distributed within the international system. It describes the nature of the international system at any given period of time. One generally distinguishes four types of systems: Unipolarity, Bipolarity, Tripolarity, and Multipolarity, for four or more centers of power. The type of system is completely dependent on the distribution of power and influence of states in a region or internationally.

Unipolarity

Unipolarity in international politics is a distribution of power in which there is one state with most of the cultural, economic, and military influence. This is different from hegemony
Hegemony
Hegemony is an indirect form of imperial dominance in which the hegemon rules sub-ordinate states by the implied means of power rather than direct military force. In Ancient Greece , hegemony denoted the politico–military dominance of a city-state over other city-states...

 since a hegemon may not have total control of the sea ports or "commons".

Examples of unipolarity

The most recent example of a unipolar world has been one dominated by the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 since 1991, in the aftermath of the collapse of the Soviet Union. Other states and empires in the past have dominated their known worlds in a unipolar fashion. Some examples are below. Note that most of the cases as well as the dates given are open to some debate.
  • The Egyptian Empire
    Ancient Egypt
    Ancient Egypt was an ancient civilization of Northeastern Africa, concentrated along the lower reaches of the Nile River in what is now the modern country of Egypt. Egyptian civilization coalesced around 3150 BC with the political unification of Upper and Lower Egypt under the first pharaoh...

     from c. 3150 BCE to c. 1285 BCE with some long breaks – from the unification of Upper and Lower Egypt to the conflict with the Hittites
    Hittites
    The Hittites were a Bronze Age people of Anatolia.They established a kingdom centered at Hattusa in north-central Anatolia c. the 18th century BC. The Hittite empire reached its height c...

    .
  • The Akkadian Empire from c. 2279 BCE to c. 2193 BCE.
  • The Assyrian Empire from 675 BCE to 626 BCE – from the invasion of Egypt to the revolt of Babylon
    Babylon
    Babylon was an Akkadian city-state of ancient Mesopotamia, the remains of which are found in present-day Al Hillah, Babil Province, Iraq, about 85 kilometers south of Baghdad...

    .
  • The Persian Empire
    Achaemenid Empire
    The Achaemenid Empire , sometimes known as First Persian Empire and/or Persian Empire, was founded in the 6th century BCE by Cyrus the Great who overthrew the Median confederation...

     from 539 BCE to 449 BCE – from the conquest of Babylon to the Peace of Callias
    Peace of Callias
    The Peace of Callias is a purported treaty established around 449 BC between the Delian League and Persia, ending the Persian Wars. The peace was agreed as the first compromise treaty between Achaemenid Persia and a Greek city....

     at latest.
  • Alexander's Empire from 331 BCE to 323 BCE – from the Battle of Gaugamela
    Battle of Gaugamela
    The Battle of Gaugamela took place in 331 BC between Alexander the Great and Darius III of Persia. The battle, which is also called the Battle of Arbela, resulted in a massive victory for the ancient Macedonians and led to the fall of the Achaemenid Empire.-Location:Darius chose a flat, open plain...

     to his death.
  • China
    China
    Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...

     from 221 BCE to 1840 CE, with several long breaks – from unification under the Qin Dynasty
    Qin Dynasty
    The Qin Dynasty was the first imperial dynasty of China, lasting from 221 to 207 BC. The Qin state derived its name from its heartland of Qin, in modern-day Shaanxi. The strength of the Qin state was greatly increased by the legalist reforms of Shang Yang in the 4th century BC, during the Warring...

     to the First Opium War
    First Opium War
    The First Anglo-Chinese War , known popularly as the First Opium War or simply the Opium War, was fought between the United Kingdom and the Qing Dynasty of China over their conflicting viewpoints on diplomatic relations, trade, and the administration of justice...

    .
  • The Roman Republic
    Roman Republic
    The Roman Republic was the period of the ancient Roman civilization where the government operated as a republic. It began with the overthrow of the Roman monarchy, traditionally dated around 508 BC, and its replacement by a government headed by two consuls, elected annually by the citizens and...

    /Roman Empire
    Roman Empire
    The Roman Empire was the post-Republican period of the ancient Roman civilization, characterised by an autocratic form of government and large territorial holdings in Europe and around the Mediterranean....

    /Byzantine Empire
    Byzantine Empire
    The Byzantine Empire was the Eastern Roman Empire during the periods of Late Antiquity and the Middle Ages, centred on the capital of Constantinople. Known simply as the Roman Empire or Romania to its inhabitants and neighbours, the Empire was the direct continuation of the Ancient Roman State...

     from 188 BCE to 395 CE and then 533 to 565 – from the breakup of the Seleucid Empire
    Seleucid Empire
    The Seleucid Empire was a Greek-Macedonian state that was created out of the eastern conquests of Alexander the Great. At the height of its power, it included central Anatolia, the Levant, Mesopotamia, Persia, today's Turkmenistan, Pamir and parts of Pakistan.The Seleucid Empire was a major centre...

     to the division of the Roman Empire, with a later brief revival under Justinian (although it could be argued that by this stage a bipolar world had been formed with Sassanid Persia
    Sassanid Empire
    The Sassanid Empire , known to its inhabitants as Ērānshahr and Ērān in Middle Persian and resulting in the New Persian terms Iranshahr and Iran , was the last pre-Islamic Persian Empire, ruled by the Sasanian Dynasty from 224 to 651...

    ).
  • The Mongol Empire
    Mongol Empire
    The Mongol Empire , initially named as Greater Mongol State was a great empire during the 13th and 14th centuries...

     from 1227 to 1279 – from about the death of Genghis Khan
    Genghis Khan
    Genghis Khan , born Temujin and occasionally known by his temple name Taizu , was the founder and Great Khan of the Mongol Empire, which became the largest contiguous empire in history after his death....

     to its peak.
  • The Aztec Empire from c. 1481 to 1521 – from regional dominance to the invasion by Cortez
    Cortez
    -People:* Antawn Cortez Jamison , Professional NBA power forward* Dave "Baby" Cortez , American pop music and R&B musician* Gregorio Cortez , Mexican folk hero* Hernán Cortés , Spanish conquistador...

    .
  • The Inca Empire
    Inca Empire
    The Inca Empire, or Inka Empire , was the largest empire in pre-Columbian America. The administrative, political and military center of the empire was located in Cusco in modern-day Peru. The Inca civilization arose from the highlands of Peru sometime in the early 13th century...

     from c. 1470 to 1532 – from the conquest of the Chimu to the invasion by Pizarro.
  • India
    India
    India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...

     from 322 BCE to 17th century , with several long breaks from unification under Maurya Dynasty to the fall of Mughal Empire
    Mughal Empire
    The Mughal Empire ,‎ or Mogul Empire in traditional English usage, was an imperial power from the Indian Subcontinent. The Mughal emperors were descendants of the Timurids...

     and India becoming colonized
    Colonial India
    Colonial India refers to areas of the Indian Subcontinent under the control of European colonial powers, through trade and conquest. The first European power to arrive in India was the army of Alexander the Great in 327–326 BC. The satraps he established in the north west of the subcontinent...

    .

Bipolarity

Bipolarity is a distribution of power in which two states have the majority of economic, military, and cultural influence internationally or regionally. Often, spheres of influence would develop. For example, in the Cold War, most Western and democratic states would fall under the influence of the USA, while most Communist states would fall under the influence of the USSR. After this, the two powers will normally maneuver for the support of the unclaimed areas.

Examples

  • The United States
    United States
    The United States of America is a federal constitutional republic comprising fifty states and a federal district...

     and the Soviet Union
    Soviet Union
    The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....

     during the peak of the Cold War
    Cold War
    The Cold War was the continuing state from roughly 1946 to 1991 of political conflict, military tension, proxy wars, and economic competition between the Communist World—primarily the Soviet Union and its satellite states and allies—and the powers of the Western world, primarily the United States...

    . However, the Sino-Soviet split
    Sino-Soviet split
    In political science, the term Sino–Soviet split denotes the worsening of political and ideologic relations between the People's Republic of China and the Union of Soviet Socialist Republics during the Cold War...

     of circa 1960 led to the rise of China
    People's Republic of China
    China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...

     as a possible third superpower.
  • Britain and Spain
    Spain
    Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...

     during the 17th century.

Regional examples

  • Sparta
    Sparta
    Sparta or Lacedaemon, was a prominent city-state in ancient Greece, situated on the banks of the River Eurotas in Laconia, in south-eastern Peloponnese. It emerged as a political entity around the 10th century BC, when the invading Dorians subjugated the local, non-Dorian population. From c...

     and Athens
    Athens
    Athens , is the capital and largest city of Greece. Athens dominates the Attica region and is one of the world's oldest cities, as its recorded history spans around 3,400 years. Classical Athens was a powerful city-state...

     during much of pre-Alexandrian Greek history.
  • Carthage
    Carthage
    Carthage , implying it was a 'new Tyre') is a major urban centre that has existed for nearly 3,000 years on the Gulf of Tunis, developing from a Phoenician colony of the 1st millennium BC...

     and the Roman Republic
    Roman Republic
    The Roman Republic was the period of the ancient Roman civilization where the government operated as a republic. It began with the overthrow of the Roman monarchy, traditionally dated around 508 BC, and its replacement by a government headed by two consuls, elected annually by the citizens and...

     until the Second Punic War
    Second Punic War
    The Second Punic War, also referred to as The Hannibalic War and The War Against Hannibal, lasted from 218 to 201 BC and involved combatants in the western and eastern Mediterranean. This was the second major war between Carthage and the Roman Republic, with the participation of the Berbers on...

    .
  • Roman Empire
    Roman Empire
    The Roman Empire was the post-Republican period of the ancient Roman civilization, characterised by an autocratic form of government and large territorial holdings in Europe and around the Mediterranean....

     and the Arsacid Empire/Sassanid Empire
    Sassanid Empire
    The Sassanid Empire , known to its inhabitants as Ērānshahr and Ērān in Middle Persian and resulting in the New Persian terms Iranshahr and Iran , was the last pre-Islamic Persian Empire, ruled by the Sasanian Dynasty from 224 to 651...

     during the Roman-Persian Wars
    Roman-Persian Wars
    The Roman–Persian Wars were a series of conflicts between states of the Greco-Roman world and two successive Iranic empires: the Parthian and the Sassanid. Contact between the Parthian Empire and the Roman Republic began in 92 BC; wars began under the late Republic, and continued...

    , until the Arab invasion of Persia.
  • Russia
    Russia
    Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...

     and Japan
    Japan
    Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...

    , causing bipolarity in spheres of influence in several parts of China
    China
    Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...

    , Korea
    Korea
    Korea ) is an East Asian geographic region that is currently divided into two separate sovereign states — North Korea and South Korea. Located on the Korean Peninsula, Korea is bordered by the People's Republic of China to the northwest, Russia to the northeast, and is separated from Japan to the...

    , and Mongolia
    Mongolia
    Mongolia is a landlocked country in East and Central Asia. It is bordered by Russia to the north and China to the south, east and west. Although Mongolia does not share a border with Kazakhstan, its western-most point is only from Kazakhstan's eastern tip. Ulan Bator, the capital and largest...

    .
  • Russia, the Safavid Empire and the Ottoman Empire
    Ottoman Empire
    The Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...

     in struggles to attain regions surrounding the Black Sea
    Black Sea
    The Black Sea is bounded by Europe, Anatolia and the Caucasus and is ultimately connected to the Atlantic Ocean via the Mediterranean and the Aegean seas and various straits. The Bosphorus strait connects it to the Sea of Marmara, and the strait of the Dardanelles connects that sea to the Aegean...

    , from the early 18th century until World War I
    World War I
    World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...

    .
  • Israel
    Israel
    The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...

     and Egypt
    Egypt
    Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...

     could be considered regional powers in the Middle East during the Arab-Israeli conflict from 1948 to 1978.
  • Tutsis and Hutus during the Rwandan Genocide

Multi-state examples of bipolarity

The bipolar system can be said to extend to much larger systems, such as alliances or organizations, which would not be considered nation-states, but would still have power concentrated in two primary groups.

In both World Wars, much of the world, and especially Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...

, the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 and Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...

 had been divided into two respective spheres – one case being the Axis
Axis Powers
The Axis powers , also known as the Axis alliance, Axis nations, Axis countries, or just the Axis, was an alignment of great powers during the mid-20th century that fought World War II against the Allies. It began in 1936 with treaties of friendship between Germany and Italy and between Germany and...

 and Allies
Allies
In everyday English usage, allies are people, groups, or nations that have joined together in an association for mutual benefit or to achieve some common purpose, whether or not explicit agreement has been worked out between them...

 of World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...

 (1939–1945) – and the division of power between the Central Powers
Central Powers
The Central Powers were one of the two warring factions in World War I , composed of the German Empire, the Austro-Hungarian Empire, the Ottoman Empire, and the Kingdom of Bulgaria...

 and Allied Powers during World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...

 (1914–1918). Neutral nations, however, may have caused what may be assessed as an example of tripolarity as well within both of the conflicts.

Multipolarity

Multipolarity is a distribution of power in which more than two nation-states have nearly equal amounts of military, cultural, and economic influence.

Opinions on the stability of multipolarity differ. Classical realist theorists, such as Hans Morgenthau
Hans Morgenthau
Hans Joachim Morgenthau was one of the leading twentieth-century figures in the study of international politics...

 and E. H. Carr, hold that multipolar systems are more stable than bipolar systems, as great powers can gain power through alliances and petty wars that do not directly challenge other powers; in bipolar systems, classical realists argue, this is not possible. On the other hand, the neorealist focus on security and invert the formula: states in a multipolar system can focus their fears on any number of other powers and, misjudging the intentions of other states, unnecessarily compromise their security, while states in a bipolar system always focus their fears on one other power, meaning that at worst the powers will miscalculate the force required to counter threats and spend slightly too much on the operation. However, due to the complexity of mutually assured destruction scenarios, with nuclear weapons, multipolar systems may be more stable than bipolar systems even in the neorealist analysis. This system tends to have many shifting alliances until one of two things happens. Either a balance of power is struck, and neither side wants to attack the other, or one side will attack the other because it either fears the potential of the new alliance, or it feels that it can defeat the other side.

One of the major implications of an international system with any number of poles, including a multipolar system, is that international decisions will often be made for strategic reasons to maintain a balance of power rather than out of ideological or historical reasons.

The Eastern Mediterranean Hellenistic kingdoms of the 3rd century BC, which grew out of Alexander the Great's empire, formed a good example of a multipolar political world. Macedonia (Antigonids), Syria (Seleucids), Egypt (Ptolemies) vied with one another and states such as Pergamon
Pergamon
Pergamon , or Pergamum, was an ancient Greek city in modern-day Turkey, in Mysia, today located from the Aegean Sea on a promontory on the north side of the river Caicus , that became the capital of the Kingdom of Pergamon during the Hellenistic period, under the Attalid dynasty, 281–133 BC...

, Parthia
Parthia
Parthia is a region of north-eastern Iran, best known for having been the political and cultural base of the Arsacid dynasty, rulers of the Parthian Empire....

 and the La Tene Celts in shifting alliances for domination of the region. Combinations against the strongest state kept any one from establishing hegemony, but eventually left all weakened enough to be dominated by Rome
Rome
Rome is the capital of Italy and the country's largest and most populated city and comune, with over 2.7 million residents in . The city is located in the central-western portion of the Italian Peninsula, on the Tiber River within the Lazio region of Italy.Rome's history spans two and a half...

 from the mid-2nd century BC.

The 'Concert of Europe,' a period from after the Napoleonic Wars to the Crimean War, was an example of peaceful multipolarity (the great powers of Europe assembled regularly to discuss international and domestic issues). World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...

, World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...

, the Thirty Years War, the Warring States Period
Warring States Period
The Warring States Period , also known as the Era of Warring States, or the Warring Kingdoms period, covers the Iron Age period from about 475 BC to the reunification of China under the Qin Dynasty in 221 BC...

, the Three Kingdoms
Three Kingdoms
The Three Kingdoms period was a period in Chinese history, part of an era of disunity called the "Six Dynasties" following immediately the loss of de facto power of the Han Dynasty rulers. In a strict academic sense it refers to the period between the foundation of the state of Wei in 220 and the...

 period and the tripartite division between Song Dynasty
Song Dynasty
The Song Dynasty was a ruling dynasty in China between 960 and 1279; it succeeded the Five Dynasties and Ten Kingdoms Period, and was followed by the Yuan Dynasty. It was the first government in world history to issue banknotes or paper money, and the first Chinese government to establish a...

/Liao Dynasty
Liao Dynasty
The Liao Dynasty , also known as the Khitan Empire was an empire in East Asia that ruled over the regions of Manchuria, Mongolia, and parts of northern China proper between 9071125...

/Jin Dynasty/Yuan Dynasty
Yuan Dynasty
The Yuan Dynasty , or Great Yuan Empire was a ruling dynasty founded by the Mongol leader Kublai Khan, who ruled most of present-day China, all of modern Mongolia and its surrounding areas, lasting officially from 1271 to 1368. It is considered both as a division of the Mongol Empire and as an...

 are all examples of a wartime multipolarity.

Multipolarity today

Those claiming that the world is multipolar fall into two main camps. A "superpower is something of the past" view holds that the USA and USSR in the Cold War were in fact superpowers, but argues that due to the complex economic interdependencies on the international scale and the creation of a global village, the concept of one or more states gaining enough power to claim superpower status is antiquated. The rival view is that even throughout the Cold War, neither the USA nor the USSR were superpowers, but were actually dependent on the smaller states in their "spheres of influence."

While the US has a great deal of economic clout and has influenced the culture of many nations, their dependency on foreign investors and reliance on foreign trade have created a mutual economic dependency between developed and developing nations. According to those who believe the world is multipolar, this interdependency means the US can't be called a superpower as it isn't self-sufficient and relies on the global community to sustain its people's quality of life. These interdependencies also apply to diplomacy. Considering the complex state of world affairs and the military might of some developing nations, it has become increasingly difficult to engage in foreign policy if it is not supported by other nations. The diplomatic and economic factors that bind the globe together can sometimes make it difficult to act unilaterally, however alliances exist and the US is largely considered to be the sole superpower due to its unchallenged strength and influence, which would suggest a more unipolar world (despite globalization).

Jacques Chirac
Jacques Chirac
Jacques René Chirac is a French politician who served as President of France from 1995 to 2007. He previously served as Prime Minister of France from 1974 to 1976 and from 1986 to 1988 , and as Mayor of Paris from 1977 to 1995.After completing his studies of the DEA's degree at the...

, President of France from 1995 to 2007, was a great proponent of the view of a multipolar world. It is possible that this view stems from historical and cultural conflicts between France and the United Kingdom, which have led to distrust of "Anglo Saxon" nations, such as the USA.

Nonpolarity

Nonpolarity is an international system with numerous centers of power but no center dominates any other centre. Centers of power can be nation-states, corporations, non-governmental organizations, terrorist groups, and such. Power is found in many hands and many places.

Measuring the power concentration

The Correlates of War
Correlates of War
The Correlates of War project is an academic study of the history of warfare. It was started in 1963 at the University of Michigan by political scientist J. David Singer. Concerned with collecting data about the history of wars and conflict among states, the project has driven forward quantitative...

 uses a systemic concentration of power formula to calculate the polarity of a given great power
Great power
A great power is a nation or state that has the ability to exert its influence on a global scale. Great powers characteristically possess military and economic strength and diplomatic and cultural influence which may cause small powers to consider the opinions of great powers before taking actions...

 system. The formula was developed by J. David Singer
J. David Singer
J. David Singer was an American professor of political science. He held a bachelor's degree from Duke University and a doctoral degree from New York University.-Contributions:...

 et al. in 1972.

  • Nt = the number of states in the great power system at time t
  • Sit = the proportion of power possessed by state i at time t (must be a decimal figure)
S = the proportion of power possessed
i = the state of which the proportion of control over the system's power is being measured
t = the time at which the concentration of resources (i.e. power) is being calculated
  • = the sum of the proportion of power possessed by all states in the great power system


The closer the resulting concentration is to zero, the more evenly divided power is. The closer to 1, the more concentrated power is. There is a general but not strict correlation between concentration and polarity. It is rare to find a result over 0.5, but a result between 0.4 and 0.5 usually indicates a unipolar system, while a result between 0.2 and 0.4 usually indicated a bipolar or multipolar system. Concentration can be plotted over time, so that the fluctuations and trends in concentration can be observed.

See also

  • Balance of power in international relations
    Balance of power in international relations
    In international relations, a balance of power exists when there is parity or stability between competing forces. The concept describes a state of affairs in the international system and explains the behavior of states in that system...

  • Power in international relations
    Power in international relations
    Power in international relations is defined in several different ways. Political scientists, historians, and practitioners of international relations have used the following concepts of political power:...

  • Posthegemony
    Posthegemony
    Posthegemony or post-hegemony is a concept which designates a period or a situation in which hegemony is no longer said to function as the organizing principle of a national or post-national social order, or of the relationships between and amongst nation-states within the global order...

  • Lateral pressure theory
    Lateral Pressure Theory
    “Lateral pressure” refers to any tendency of individuals and societies to expand their activities and exert influence and control beyond their established boundaries, whether for economic, political, military, scientific, religious, or other purposes...

  • International monetary systems
    International monetary systems
    International monetary systems are sets of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and generally the reallocation of capital between nation states. They provide means of payment acceptable between buyers and...


External links

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