Emerging alliances in a shifting multiplex world order: Analyzing power struggles and geopolitical dynamics leading to the decline of us dollar hegemony

This research explores the decline of the dollar’s hegemony in a rising multiplex global system. It explores what are the key geopolitical and economic factors contributing to the decline of US dollar hegemony in the global financial system? Additionally, How do emerging alliances in a shifting multiplex world order influence global financial governance? This research evaluates how emerging alliances, such as BRICS and BRICS Plus, influence the structure of international monetary systems and global financial governance. This research uses the international political economy (IPE) lens, which examines the political economy at the global level. International Political Economy, however, posits that political activities and structures have an important correlation in their impact on one another and on the economy. Specifically, it aims to analyze the shift of US dollar dominance in a more and more complex and multilateral system based on multiple poles of power. This study uses qualitative research methods and relies on secondary sources. The purpose of this research is to provide a deep analysis of the geopolitical and economic reasons.