But it never has had implications for the world financial system.
Today it has become a more or less uncontested world system.
The action does not punish the named countries or cut them from the world financial system.
The world economic system came about during the late 15th and early 16th centuries.
Marx's starting point for both analysis and strategy was a world system, not one or other country.
And one of the main reasons the Fed cut rates three times last year was to help the world financial system.
He said the increase was "good news" for the world economic system.
To press them would only endanger the world financial system.
And how the world ranking system can be so meaningless.
We have been isolated from the world system, and this would be our link to Europe.