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Argument: Dollarization can violate sovereign democratic control

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Supporting evidence

  • Alberto Acosta. "The False Dilemma of Dollarization". Nueva Sociedad. March/April 2001 - "Finally, dollarization is an artificial, authoritarian decision which reduces a country's response capacity. It is a means of eliminating exchange and monetary management as opposed to the way in which this important price is set by the market. It represents an under-developed State's renunciation of monetary control in order to become subordinate to a larger State. Could it be that the pro-dollarizers are not as liberal as they say they are, and that they are only taking refuge in the dollar to complete or further embed WC-inspired structural reforms when, firmly attached to the essence of their ideology, they should, rather, be supporting a flexible exchange system? Despite the massive propaganda campaign for dollarization, its implementation, as part of the Neo-Liberal model, seems to represent official abandonment of the promotion of a development project, at least one with an inclusive orientation for domestic society in its entirety."

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