World currency

A uniform and universal system of currency will simplify and facilitate intercourse and understanding among the nations and races

"The unity of the human race, as envisaged by Bahá'u'lláh, implies the establishment of a world commonwealth in which all nations, races, creeds and classes are closely and permanently united, and in which the autonomy of its state members and the personal freedom and initiative of the individuals that compose them are definitely and completely safeguarded. This commonwealth must, as far as we can visualize it, consist of a world legislature, whose members will, as the trustees of the whole of mankind, ultimately control the entire resources of all the component nations, and will enact such laws as shall be required to regulate the life, satisfy the needs and adjust the relationships of all races and peoples...A world script, a world literature, a uniform and universal system of currency, of weights and measures, will simplify and facilitate intercourse and understanding among the nations and races of mankind."

(Shoghi Effendi, World Order of Bahá'u'lláh, p. 203)

To be a high psychological and social impact (on nationalism) of replacing currency with a single one

"It would be difficult to exaggerate the psychological and social impact of the anticipated replacement of the jumble of existing monetary systems - for many, the ultimate fortress of nationalist pride - by a single world currency operating largely through electronic impulses."

(Bahá'í International Community, Who is Writing the Future?, https://bahai-library.com/bic_writing_future)

Promotion of global currency vital in integrating global economy, curbing unproductive speculation and market swings, and lead to leveling of incomes and prices (though must be overwhelming evidence collected; proposal for Commission to explore economic benefits and political costs and implementation approach)

"The need to promote the adoption of a global currency as a vital element in the integration of the global economy is self-evident. Among other benefits, economists believe that a single currency will curb unproductive speculation and unpredictable market swings, promote a leveling of incomes and prices worldwide, and thereby result in significant savings. [19]

"The possibility of savings will not lead to action unless there is an overwhelming body of evidence addressing the relevant concerns and doubts of skeptics, accompanied by a credible implementation plan. We propose the appointment of a Commission consisting of the most accomplished government leaders, academics and professionals to begin immediate exploration into the economic benefits and the political costs of a single currency and to hypothesize about an effective implementation approach."

[19] In a "special contribution" to the 1994 Human Development Report, James Tobin, winner of the 1981 Nobel Prize for Economics, observes that "a permanent single currency" would eliminate much if not all of the turbulence currently associated with the huge amount of currency speculation on world markets today. Observing that such a single world currency is probably a long way off, he proposes as an interim measure an "international uniform tax" on spot transactions in foreign exchange.

United Nations Development Programme (UNDP). Human Development Report 1994. A Tax on International Currency Transactions. (New York: Oxford University Press.) p. 70.

(Bahá'í International Community, Turning Point for All Nations, section 5, "Investigating the possibility of a single international currency")

See also

• Integration of Europe (re: economic union)