WEB3, HEGEMONY AND ANONYMITY: THE TRANSNATIONAL SOCIAL IDENTITY DYNAMICS OF GLOBALIZED NATIONAL POLITICAL ECONOMIC INTERDEPENDENCY

Benedict E. DeDominicis

Global Journal of Business Research, 2022, vol. 16, issue 1, 91-119

Abstract: This paper highlights that hegemony has its foundation in the authority of the nation state, manifested clearly in the community value consensually affirmed in the value of fiat currency. State authority permits the potential for the existence of the so-called rule of law, both in its explicit legal forms and in its habitual patterns of behavior on the basis of mutual expectations. State regulation in enforcing property rights is critical for the real functioning of markets the outcomes of which functionally reaffirm state authority. This reaffirmation emerges both by reinforcing its material resources and also by seeking exceptions that exploit state authority while circumventing transparency. The release of the Panama, Paradise and Pandora papers reveal the arena of technically, typically legal financial market transactions. Yet they appear to violate commonly, habitually held normative assumptions in national communities, particularly in socalled developed societies. The reaction of many participants in these lightly regulated and even criminal endeavors is to challenge the legitimacy of the state authority that attempts to impose these obligations. The value of Web3 blockchains includes anonymity as a reactionary resistance to this state authority and hegemony. Cryptocurrencies are dialectical creations of national rule of law in the interstate system.

Keywords: Complex Interdependency; Corruption; Cryptocurrency; Hegemony; Nationalism; Social Identity Theory (search for similar items in EconPapers)
JEL-codes: D73 E02 F5 H00 K4 (search for similar items in EconPapers)
Date: 2022
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