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Abstract The international system is currently undergoing a process of reconfiguration that is having an impact on all areas of global development. In this process of reordering power relations, there is a tendency to move towards multipolarity, leaving behind the unipolar coalition established after the Second World War. In this context, several emerging powers are gaining increasing international power, which has led to changes in the hierarchy of power on the international geopolitical chessboard. Such is the case of the People's Republic of China, which has established itself not only as a power of great impact and relevance in the Asian region, but also in the entire international system. Namely, the management of the government and the Party in terms of innovation, industrialization, informatization, productivity, expansion and internationalization of its economic model, positions this country as the most dynamic center of the international economy. Evidencing that alternative models to the capitalist system are possible and viable, which strengthens the trend towards a systemic transition and multipolarity in the International System Introduction In the last two decades, a set of geopolitical and geoeconomic tensions and conflicts have become evident, with significant implications extending throughout the International System. As a result, we are currently experiencing a convulsion of the established order, giving way to a process of new global reconfigurations. In this context, several researchers and academics such as Jorge Casals, Leyde Rodríguez, Juan Sebastián Schulz, among others, have noted that these conditions have led to a crisis and hegemonic transition process, with a trend toward multipolarity in which the Asia-Pacific region is gaining increasing relevance. This article, titled "The International Reconfiguration’s Process Towards Multipolarity: The Role of China as an Emerging Power," is dedicated to analyzing the position of this country within the current international reconfiguration of power. Accordingly, the first section will systematize some essential guidelines to understand the current crisis and the decline of the hegemonic order established in the post-World War II period. The second section will address China's positioning amid the international reconfiguration of power. In this regard, it is important to note that China's rapid rise highlights how development management aligned with the Sustainable Development Goals can lead to a shift in the paradigm of international relations, as well as power reconfigurations that challenge the current balance of forces. Thus, it can be affirmed that China's rise constitutes a decisive element within the current trend toward multipolarity. DevelopmentNew International Order: Approaches to the Multipolar Reconfiguration of the International System The current international context is marked by a process of crisis. This crisis reflects the fact that the world order no longer aligns with the correlation of forces that gave rise to it during the post-World War II period. It is not a circumstantial crisis, but rather the interlinking of various interconnected crises that span across all sectors of life. That is to say, the effects of one crisis often become the causes of another, involving economic, political, social, cultural, ethical, moral, technological, commercial, and environmental components. In other words, it is a structural and systemic crisis—one that cannot be resolved unless a similarly systemic transformation occurs. To gain greater clarity, it is important to consider that the consolidation of the capitalist system brought about the process of globalization. This, in turn, introduced large-scale production and technological development capable of increasing output. This process, along with other characteristics of the system, has exponentially accelerated social inequalities between developed and developing countries. It has also led to strategic tensions over the control of resources, raw materials, and inputs, resulting in geopolitical conflicts. Furthermore, the capitalist system has imposed an extremely high environmental cost, demonstrating that it is exceeding both its own limits and those of the planet. Specifically, in its constant pursuit of profit and maximization of gains, negative environmental impacts are not factored into cost-benefit analyses, leading to widespread environmental degradation. Among other harms caused by the system, we observe a decline in investment rates, an increase in public debt, loss of autonomy in monetary policy, rising unemployment levels, reductions in real wages, and growing inequality, among others. In short, capitalism has become an unsustainable system whose primary concern is profit generation—something that is currently entirely incompatible with environmental preservation and the responsible use of natural resources. Therefore, it can be affirmed that some of its most alarming effects include: vast amounts of currency without backing, increasingly concentrated in fewer hands; acceleration of capital concentration in the West; rising military expenditures; and environmental pollution and destruction (Casals, J., 2023). On the other hand, it is necessary to clarify that, for a particular state to be considered hegemonic, it must not only exert its influence predominantly within the system of international relations; its hegemonic role must also be linked to the founding and establishment of a universally accepted concept of world order. That is, the majority of other states must recognize it as such and identify with the model promoted by the hegemon. Therefore, it is not merely a matter of a hierarchical order among states, but rather the adoption of a dominant model of production that involves those states. As a result, certain mechanisms or general rules of conduct are established for the participating states. For this reason, a hegemonic crisis involving the dominant actor in the system of international relations leads to a crisis in the social, economic, political, and institutional structures upon which that actor’s dominance was built. In light of these elements, we currently observe a set of powers within the International System that are vying to establish a new distribution of power—one that moves away from the unipolar coalition led by the United States following World War II. From this perspective, Juan Sebastián Schulz asserts: “A hegemonic crisis occurs when the existing hegemonic state lacks either the means or the will to continue steering the interstate system in a direction broadly perceived as favorable—not only for its own power, but also for the collective power of the dominant groups within the system.” (Schulz, J. S., 2022) As a result, strategic alliances have been formed and new power groups have emerged that influence international relations.These blocs are precisely what the new polarity is forming around, increasingly reinforcing the trend toward multipolarity. This is a system in which hegemonic influence is not determined by a single power, but by two, three, or more. In this regard, Juan Sebastián Schulz further notes that a process of insubordination is becoming evident, particularly in the Western peripheries. As a consequence, several countries have begun to criticize the configuration of the contemporary world order, initiating efforts to organize and propose alternative models (Schulz, J. S., 2022). This reveals the emergence of a new kind of power hierarchy, generating a global order in which a diversity of forces and actors prevails. In this context, China has experienced rapid growth, thereby contributing to the trend toward multipolarity. While this does not imply that the United States will cease to be one of the central powers in the system of international relations—given its considerable global influence—it is evident that there is a noticeable decline in the dominance it held during the unipolar era that emerged after the collapse of the USSR in 1991. This process of intersystemic transition unfolds in various phases. First, there is an observable economic transition marked by a shift in the center of gravity of the global economy toward emerging and developing economies. This shift is accompanied by a necessary technological transition, characterized by a new struggle—this time to lead the technological revolution. These changes, in turn, must be supported by a political transition. Currently, countries from the Global South have gained increasing prominence on the international stage [1]. From this foundation, a geopolitical transition is also underway, where the center of gravity and decision-making—once concentrated in the Anglo-Saxon West—is shifting toward the Asia-Pacific region. Finally, a cultural or civilizational transition is taking place, wherein the previously dominant value system is giving way to the rise of a new worldview. Based on this, the phases of the transition process can be outlined as follows: Existence of a stable order that brings together the majority of nation-states in the International System. - A crisis of legitimacy begins to affect the established global order. - A deconcentration and delegitimization of power emerges, impacting the hegemonic power. - An arms race and formation of alliances ensue in an attempt to preserve the hierarchical order by any means. This leads to a widespread crisis and the rise and emergence of new actors. - A necessary resolution of the international crisis. - Renewal of the system. (Schulz, J. S., 2022) In light of the above, it can be stated that a “new international order” is taking shape. Its manifestations are multifaceted, such as: - The rise of movements and associations of states that serve as alternatives to the neoliberal order. - Emerging powers like China and Russia are gaining strength in various sectors of the international geopolitical arena. - Russia's confrontation with NATO in the context of the conflict with Ukraine. - Sanctions imposed by the United States on various NATO and European Union countries have strengthened the BRICS nations. - The incorporation of new members into BRICS can be seen as an attempt to counterbalance the economic and political dominance of the United States and the European Union. - The expansion of anti-imperialist and anti-neoliberal integration mechanisms that promote South-South cooperation, such as the G-77 + China group. - The financial sanctions imposed by the West on Russia in the context of the Ukraine conflict have sparked a debate about the viability of the international monetary system and the role of the U.S. dollar as a reserve currency. - China and Russia conduct transactions in yuan and sell oil in this currency to Iran, Venezuela, and Gulf countries. China has increased its economic and political influence in the world, which can be seen as a challenge to U.S. hegemony. Its leadership within BRICS and its growing role in the global economy may be indicators of a shift in the balance of power. All these developments reflect a growing awareness within the International System of States regarding the importance of international cooperation to address global challenges such as the climate crisis, pandemics, and food security. They also serve as indicators that a transformation is underway in the way countries interact with each other, resulting in a shift in the economic, political, and strategic center of gravity. In this context, the United States has unleashed a global hybrid war as a desperate attempt to defend and maintain its hegemonic position, which once appeared unshakable in the postwar world. To this end, it has targeted China, as the latter represents its main threat in the economic and scientific-technological order. From this perspective, tensions between the United States and China have significantly deteriorated since the Republican administration of President Donald Trump. Beginning in 2017, his policy took on an aggressive stance toward China, manifesting through a trade war and economic attacks aimed at preserving U.S. global hegemony. This demonstrates that, in response to a process of decline already underway, nationalist and protectionist efforts intensified in the U.S., with policies targeting some of the emerging pillars of the crisis-ridden world order—China being a primary example. Under the administration of Joseph Biden, the focus shifted toward competition, emphasizing the commitment to protect U.S. sovereignty from potential Chinese threats. A significant shift in U.S. foreign policy toward Taiwan became evident with the approval of arms sales to Taiwan in August 2023, which escalated tensions in the region (Collective of Authors). Furthermore, in recent years, the United States has increasingly worked to generate geopolitical and geoeconomic motivations aimed at fostering tensions between China and Russia, potentially sparking conflict between the two. It has strengthened alliances with neighboring countries of these powers—most notably Taiwan and Ukraine—which has triggered concerns and tensions in both nations. A containment policy has also been deployed, including the imposition of trade barriers and tariffs on Chinese products; restricting Chinese companies’ access to U.S. technology and markets; and promoting the diversification of supply chains to reduce dependence on China. Nevertheless, the ongoing sanctions and restrictions have only served to reaffirm the shared survival interests of both powers, strengthening corporate ties and relations between them. These actions also reflect the growing concern among U.S. power groups over the decline of their hegemonic dominance. The Emergence of China and Its Role in the Transition Toward Multipolarity In a previous article titled "The Synergy Between Economy and Environment in China Through the Achievement of the Sustainable Development Goals," (‘La sinergia entre economía y medio ambiente en China mediante la consecución de los Objetivos de Desarrollo Sostenible’) the process of socioeconomic transformations experienced in the People's Republic of China over the past decade was discussed. These transformations have been primarily aimed at revitalizing the nation in preparation for its centenary in 2049. This strategy is rooted in aligning the Centenary Goals with the Sustainable Development Goals (SDGs) set for 2030, under the leadership of the Communist Party and the momentum driven by President Xi Jinping. The results of this strategy have had an impact not only on the Asian Giant itself—now a decisive actor in the Asian region—but also on the international order as a whole. As a result, China has emerged as a powerful rising power, with promising prospects for further elevating its development standards. This is backed by sustained GDP growth, averaging between 6% and 8% annually, indicating a robust economy. In addition, China holds vast foreign exchange reserves, granting it economic stability and the capacity to withstand potential external shocks. It also invests heavily in modern infrastructure and cutting-edge sectors such as artificial intelligence, 5G technology, and renewable energy—all of which enhance its competitiveness and lay the groundwork for long-term sustainable growth (Lagarde, CH). Nonetheless, China has also had to confront significant challenges in its gradual and progressive approach to the desired development model. Among these is the environmental cost associated with its rapid economic growth. For instance, China still experiences high levels of greenhouse gas (GHG) emissions, along with air, water, and soil pollution. In response, measures have been implemented such as the establishment of a national monitoring network and the replacement of coal heating systems in Beijing. Efforts have also been made to purify water resources polluted by industrial processes, and imports of solid waste have been reduced to help decontaminate soils affected by industrial and agricultural activities (González, R., 2023). In general, the development of renewable energy and a circular economy model is being promoted to enable a gradual transition toward a green economy, grounded in the concept of an ecological civilization. For this reason, China’s new era is committed to scientific and technological innovation as a means of driving economic growth that is both sustainable and capable of ensuring a higher quality of life for its population. This, in turn, leads gradually toward a new model of political leadership and economic management. In this regard, Jin Keyu, Professor of Economics at the London School of Economics and Political Science (LSE), has stated that “trillions of dollars of investment are needed for the global green transition, and China is going to play an essential role in that transformation” (Feingold, S., 2024). Based on the aforementioned elements, various authors such as Dr. C. Charles Pennaforte, Dr. C. Juan Sebastián Schulz, Dr. C. Eduardo Regalado Florido, among others, have indicated that the millenary nation represents a threat to the hegemony held by the United States since World War II. Consequently, it is recognized that a process of hegemonic crisis and transition is currently underway, with the Asia-Pacific region emerging as the center of gravity of the global power, thereby contributing to the multipolar transformation of the International System. The authors of “Is China Changing the World?” argue that “market socialism with “Chinese characteristics” must gradually and more clearly diverge from capitalism if it is to embody a genuinely alternative path for all of humanity.” In pursuit of this goal, China bases its policy of peaceful coexistence on five fundamental principles:Respect for sovereignty and territorial integrity, regardless of a country's size, power, or wealth. Mutual non-aggression Non-interference in the internal affairs of other countries, acknowledging that each nation has the right to freely choose its own social system and path of development. Equality and mutual benefit Peaceful coexistence. (Herrera, R.; Long, Z.; and Andréani, T., 2023) The rise of China as a major international power under these principles has been consolidating since 2012 under the leadership of Xi Jinping and the Communist Party of China (CPC), gaining particular momentum from 2020 to the present. Thus, China has not only become the leading power within the Asian regional balance but has also expanded its presence across Europe, Africa, and Latin America—primarily through loans, investments, and multilateral cooperation initiatives such as the Forum on China-Africa Cooperation (FOCAC) in Africa and the China-CELAC Forum in Latin America. In addition, China has positioned itself as a leader in several sectors, and it is projected that its economy may surpass that of the United States, increasing its Gross Domestic Product (Rodríguez, L., 2022). It has also undergone a process of opening up, energizing both its international trade and its overall foreign relations, all under the control of the Government and the Party. This, combined with its rise and development initiatives, has made China a focal point of interest for many countries within the International System seeking to jointly advance projects based on cooperation, the principle of shared advantage, and multilateralism. In this regard, the white paper "China and the World in the New Era," published by the Central Committee of the Communist Party of China in 2019, states: “The world is moving rapidly toward multipolarity, diverse models of modern development, and collaboration in global governance. It is now impossible for a single country or bloc of countries to dominate world affairs. Stability, peace, and development have become the common aspirations of the international community.” (People’s Republic of China, 2019. Quoted in Schulz, J. S., 2022) Undoubtedly, this rise has become a source of concern for U.S. power groups, which have increasingly applied geostrategic pressure. Notably, the United States has strengthened military alliances with India, Japan, and Australia in an effort to encircle China and attempt to control or obstruct its maritime routes—this also being a manifestation of the intensification of the imperialist arms race. Nonetheless, China has maintained its development strategy and, as part of it, has strengthened its diplomatic network and its relations with multiple countries across all world regions. For all these reasons, China has become the most dynamic center of the global economy. Notably, it went from representing 4% of global GDP in 1960 to 16% in 2020—undeniable evidence of rapid economic growth. Moreover, it has become the world’s largest exporter of goods and also the leading importer, establishing itself as a major industrial power. In this regard, United Nations data reveal that China leads global industrial production, accounting for 30% of the total. This figure surpasses other industrial powers such as the United States (16%), Japan (7%), Germany (5.7%), and South Korea (3.2%) (Schulz, J. S., 2022). In addition, China has remained the world’s leading manufacturing power for approximately 15 consecutive years, according to statements from the Ministry of Industry and Information Technology at the beginning of this year. This sector alone has contributed over 40% to overall growth. Likewise, in 2024, China experienced a significant increase in foreign investment, reflecting its interest in strengthening international cooperation for development. Efforts are also underway for urban renewal in 2024, with around 60,000 projects being implemented across various cities. These initiatives are primarily aimed at transforming underdeveloped neighborhoods and creating smarter urban areas (Embassy of the Republic of Cuba in the People's Republic of China, 2025). In this regard, the following graphs illustrate the value of China’s international trade during the 2016–2024 period, highlighting a strong presence of exports compared to imports. A second chart shows China's global export share, where it holds a dominant position.   Thus, China has risen as a center of power in the international system, with leadership not only in the economic domain but also in science and technology. At the same time, it has promoted a series of investments and a process of internationalizing its national currency. Accordingly, the Asian Giant offers an alternative model of development—one that is more comprehensive and sustainable—allowing it to propel the new phase of Chinese development. This phase aims not only to fulfill the dream of national rejuvenation but also to ensure the survival of its unique political, economic, and social model. Nevertheless, the significant challenges of sustaining growth cannot be overlooked. From this perspective, experts believe that new avenues of growth will be necessary for China to maintain the trajectory it has been experiencing. Specifically, the country must continue expanding its industrial sector while strengthening areas such as artificial intelligence, digital financial services, and green technologies (Feingold, S., 2024). It is also important to highlight the projected continuity and leadership of the Chinese government, with Xi Jinping identified as a key figure in the implementation of the Sustainable Development Goals (SDGs) in China, in conjunction with the socioeconomic transformation strategy toward the 2049 centenary. This has been pursued through the defense of multilateralism, economic openness, and international integration and cooperation in support of global development. Conclusions In light of the above, a decline in U.S. hegemony can be observed, even though this process is not linear—nor is it certain whether any single power or coalition has come to occupy a hegemonic position. What is clear, however, is the existence of a trend toward multipolarity, driven by emerging powers and the strategic ties they are establishing. This is giving rise to a non-hegemonic reconfiguration of power blocs, which are building a multilateral and multipolar institutional framework. It can also be affirmed that China has become the most dynamic center of the global economy. This has been supported by its growth strategy focused on industrialization, digitalization, innovation, productivity, expansion, and internationalization of its development model—while maintaining a strong emphasis on environmental sustainability. A range of key initiatives and development projects have been implemented to support the country's rise, consolidating its role in the multipolar reconfiguration of the International System. All of this has been essential in driving China’s new phase of development and contributing to the broader process of multipolar transformation. Undoubtedly, China’s rapid ascent represents a significant challenge to the International System, as it reflects a shift in international relations and a transformation in the distribution and hierarchy of global power. Notes [1] It is important to clarify that the so-called Global South should not be equated with the Third World, as the distinction between the First and Third Worlds is primarily based on economic and technological differences, which do not align with the current circumstances of the International System of States. In contrast, the term Global South emerges from a new geopolitical perspective that arose in the post–Cold War context, driven by the need to promote South-South cooperation. 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Abstract We examine the roles of Gold and Bitcoin as a hedge, a safe haven, and a diversifier against the coronavirus disease 2019 (COVID-19) pandemic and the Ukraine War. Using a rolling window estimation of the dynamic conditional correlation (DCC)-based regression, we present a novel approach to examine the time-varying safe haven, hedge, and diversifier properties of Gold and Bitcoin for equities portfolios. This article uses daily returns of Gold, Bitcoin, S&P500, CAC 40, and NSE 50 from January 3, 2018, to October 15, 2022. Our results show that Gold is a better safe haven than the two, while Bitcoin exhibits weak properties as safe haven. Bitcoin can, however, be used as a diversifier and hedge. This study offers policy suggestions to investors to diversify their holdings during uncertain times. Introduction Financial markets and the diversity of financial products have risen in both volume and value, creating financial risk and establishing the demand for a safe haven for investors. The global financial markets have faced several blows in recent years. From the Global Financial Crisis (GFC) to the outbreak of the pandemic and uncertainty regarding economic policy measures of governments and central banks, the financial markets including equity markets around the world were faced with severe meltdowns. This similar behavior was observed in other markets including equity and commodity markets, resulting in overall uncertainty. In this scenario, the investors normally flock toward the safe-haven assets to protect their investment. In normal situations, investors seek to diversify or hedge their assets to protect their portfolios. However, the financial markets are negatively impacted when there are global uncertainties. Diversification and hedging methods fail to safeguard investors’ portfolios during instability because almost all sectors and assets are negatively affected (Hasan et al., 2021). As a result, investors typically look for safe-haven investments to safeguard their portfolios under extreme conditions (Ceylan, 2022). Baur and Lucey (2010) provide the following definitions of hedge, diversifier, and safe haven: Hedge: An asset that, on average, has no correlation or a negative correlation with another asset or portfolio. On average, a strict hedge has a (strictly) negative correlation with another asset or portfolio.Diversifier: An asset that, on average, has a positive correlation (but not perfect correlation) with another asset or portfolio. Safe haven: This is the asset that in times of market stress or volatility becomes uncorrelated or negatively associated with other assets or a portfolio. As was previously indicated, the significant market turbulence caused by a sharp decline in consumer spending, coupled with insufficient hedging opportunities, was a common feature of all markets during these times (Yousaf et al., 2022). Nakamoto (2008) suggested a remedy by introducing Bitcoin, a “digital currency,” as an alternative to traditional fiduciary currencies (Paule-Vianez et al., 2020). Bitcoin often described as “Digital Gold” has shown greater resilience during periods of crises and has highlighted the potential safe haven and hedging property against uncertainties (Mokni, 2021). According to Dyhrberg (2016), the GFC has eased the emergence of Bitcoin thereby strengthening its popularity. Bouri et al. (2017) in their study indicate that Bitcoin has been viewed as a shelter from global uncertainties caused by conventional banking and economic systems. Recent research has found that Bitcoin is a weak safe haven, particularly in periods of market uncertainty like the coronavirus disease 2019 (COVID-19) crisis (Conlon & McGee, 2020; Nagy & Benedek, 2021; Shahzad et al., 2019; Syuhada et al., 2022). In contrast to these findings, a study by Yan et al. (2022) indicates that it can function as a strong safe haven in favorable economic times and with low-risk aversion. Ustaoglu (2022) also supports the strong safe-haven characteristic of Bitcoin against most emerging stock market indices during the COVID-19 period. Umar et al. (2023) assert that Bitcoin and Gold are not reliable safe-havens. Singh et al. (2024) in their study reveal that Bitcoin is an effective hedge for investments in Nifty-50, Sensex, GBP–INR, and JPY–INR, at the same time a good diversifier for Gold. The study suggests that investors can incorporate Bitcoin in their portfolios as a good hedge against market volatility in equities and commodities markets. During the COVID-19 epidemic, Barbu et al. (2022) investigated if Ethereum and Bitcoin could serve as a short-term safe haven or diversifier against stock indices and bonds. The outcomes are consistent with the research conducted by Snene Manzli et al. (2024). Both act as hybrid roles for stock market returns, diversifiers for sustainable stock market indices, and safe havens for bond markets. Notably, Bhuiyan et al. (2023) found that Bitcoin provides relatively better diversification opportunities than Gold during times of crisis. To reduce risks, Bitcoin has demonstrated a strong potential to operate as a buffer against global uncertainty and may be a useful hedging tool in addition to Gold and similar assets (Baur & Lucey, 2010; Bouri et al., 2017; Capie et al., 2005; Dyhrberg, 2015). According to Huang et al. (2021), its independence from monetary policies and minimal association with conventional financial assets allow it to have a safe-haven quality. Bitcoins have a substantial speed advantage over other assets since they are traded at high and constant frequencies with no days when trading is closed (Selmi et al., 2018). Additionally, it has been demonstrated that the average monthly volatility of Bitcoin is higher than that of Gold or a group of international currencies expressed in US dollars; nevertheless, the lowest monthly volatility of Bitcoin is lower than the maximum monthly volatility of Gold and other foreign currencies (Dwyer, 2015). Leverage effects are also evident in Bitcoin returns, which show lower volatilities in high return periods and higher volatilities in low return times (Bouri et al., 2017; Liu et al., 2017). According to recent research, Bitcoins can be used to hedge S&P 500 stocks, which increases the likelihood that institutional and retail investors will build secure portfolios (Okorie, 2020). Bitcoin demonstrates strong hedging capabilities and can complement Gold in minimizing specific market risks (Baur & Lucey, 2010). Its high-frequency and continuous trading further enrich the range of available hedging tools (Dyhrberg, 2016). Moreover, Bitcoin spot and futures markets exhibit similarities to traditional financial markets. In the post-COVID-19 period, Zhang et al. (2021) found that Bitcoin futures outperform Gold futures.Gold, silver, palladium, and platinum were among the most common precious metals utilized as safe-haven investments. Gold is one such asset that is used extensively (Salisu et al., 2021). Their study tested the safe-haven property of Gold against the downside risk of portfolios during the pandemic. Empirical results have also shown that Gold functions as a safe haven for only 15 trading days, meaning that holding Gold for longer than this period would result in losses to investors. This explains why investors buy Gold on days of negative returns and sell it when market prospects turn positive and volatility decreases (Baur & Lucey, 2010). In their study, Kumar et al. (2023) tried to analyse the trends in volume throughout futures contracts and investigate the connection between open interest, volume, and price for bullion and base metal futures in India. Liu et al. (2016) in their study found that there is no negative association between Gold and the US stock market during times of extremely low or high volatility. Because of this, it is not a strong safe haven for the US stock market (Hood & Malik, 2013). Post-COVID-19, studies have provided mixed evidence on the safe-haven properties of Gold (Bouri et al., 2020; Cheema et al., 2022; Ji et al., 2020). According to Kumar and Padakandla (2022), Gold continuously demonstrates safe-haven qualities for all markets, except the NSE, both in the short and long term. During the COVID-19 episode, Gold’s effectiveness as a hedge and safe-haven instrument has been impacted (Akhtaruzzaman et al., 2021). Al-Nassar (2024) conducted a study on the hedge effectiveness of Gold and found that it is a strong hedge in the long run. Bhattacharjee et al. (2023) in their paper examined the symmetrical and asymmetrical linkage between Gold price levels and the Indian stock market returns by employing linear autoregressive distributed lag and nonlinear autoregressive distributed lag models. The results exhibit that the Indian stock market returns and Gold prices are cointegrated. According to the most recent study by Kaczmarek et al. (2022), Gold has no potential as a safe haven, despite some studies on the COVID-19 pandemic showing contradictory results. The co-movements of Bitcoin and the Chinese stock market have also normalized as a result of this epidemic (Belhassine & Karamti, 2021). Widjaja and Havidz (2023) verified that Gold was a safe haven asset during the COVID-19 pandemic, confirming the Gold’s safe-haven characteristic. As previously pointed out, investors value safe-haven investments in times of risk. Investors panic at these times when asset prices fall and move from less liquid (risky) securities to more liquid (safe) ones, such as cash, Gold, and government bonds. An asset must be bought and sold rapidly, at a known price, and for a reasonably modest cost to be considered truly safe (Smales, 2019). Therefore, we need to properly re-examine the safe-haven qualities of Gold and Bitcoin due to the mixed evidences regarding their safe-haven qualities and the impact of COVID-19 and the war in Ukraine on financial markets. This work contributes to and deviates from the body of existing literature in the following ways. We propose a novel approach in this work to evaluate an asset’s time-varying safe haven, hedge, and diversifier characteristics. This research examines the safe haven, hedging, and diversifying qualities of Gold and Bitcoin against the equity indices; S&P 500, CAC 40, and NSE 50. Through the use of rolling window estimation, we extend the methodology of Ratner and Chiu (2013) by estimating the aforementioned properties of the assets. Comparing rolling window estimation to other conventional techniques, the former will provide a more accurate representation of an asset’s time-varying feature. This study explores the conventional asset Gold’s time-varying safe haven, hedging, and diversifying qualities during crises like the COVID-19 pandemic and the conflict in Ukraine. We use Bitcoin, an unconventional safe-haven asset, for comparison. Data and Methodology We use the daily returns of three major equity indices; S&P500, CAC 40, and NSE 50 from January 3, 2018, to October 15, 2022. The equity indices were selected to represent three large and diverse markets namely the United States, France, and India in terms of geography and economic development. We assess safe-haven assets using the daily returns of Gold and Bitcoin over the same time. Equity data was collected from Yahoo Finance, Bitcoin data from coinmarketcap.com, and Gold data from the World Gold Council website. Engle (2002) developed the DCC (Dynamic Conditional Correlation)-GARCH model, which is frequently used to assess contagion amid pandemic uncertainty or crises. Time-varying variations in the conditional correlation of asset pairings can be captured using the DCC-GARCH model. Through employing this model, we can analyse the dynamic behavior of volatility spillovers. Engle’s (2002) DCC-GARCH model contains two phases; 1. Univariate GARCH model estimation2. Estimation of time-varying conditional correlation. For its explanation, mathematical characteristics, and theoretical development, see here [insert the next link in “the word here” https://journals.sagepub.com/doi/10.1177/09711023251322578] Results and Discussion The outcomes of the parameters under the DCC-GARCH model for each of the asset pairs selected for the investigation are shown in Table 1.   First, we look at the dynamical conditional correlation coefficient, ρ.The rho value is negative and insignificant for NSE 50/Gold, NSE 50 /BTC, S&P500/Gold, and S&P500/BTC indicating a negative and insignificant correlation between these asset pairs, showing Gold and Bitcoin as potential hedges and safe havens. The fact that ρ is negative and significant for CAC 40/Gold suggests that Gold can be a safe haven against CAC 40 swings. The asset pair CAC/BTC, on the other hand, has possible diversifier behavior with ρ being positive but statistically insignificant. Next, we examine the behavior of the DCC-GARCH parameters; α and β. We find that αDCC is statistically insignificant for all the asset pairs, while βDCC is statistically significant for all asset pairs. βDCC quantifies the persistence feature of the correlation and the extent of the impact of volatility spillover in a particular market’s volatility dynamics. A higher βDCC value implies that a major part of the volatility dynamics can be explained by the respective market’s own past volatility. For instance, the NSE 50/Gold’s βDCC value of 0.971 shows that there is a high degree of volatility spillover between these two assets, with about 97% of market volatility being explained by the assets’ own historical values and the remainder coming from spillover. Thus, we see that the volatility spillover is highly persistent (~0.8) for all the asset pairs except NSE 50/BTC. The results above show that the nature of the dynamic correlation between the stock markets, Bitcoin and Gold is largely negative, pointing toward the possibility of Gold and Bitcoin being hedge/safe haven. However, a detailed analysis is needed to confirm the same by employing rolling window analysis, and we present the results in the forthcoming section. We present the rolling window results for S&P500 first. We present the regression results for Gold in Figure 1 and Bitcoin in Figure 2   Figure 1. Rolling Window Regression Results for S&P500 and Gold.Note: Areas shaded under factor 1 represent significant regression coefficients. In Figure 1, we examine the behavior of β0 (intercept term), β1, β2, and β3 (partial correlation coefficients). The intercept term β0 will give an idea about whether the asset is behaving as a diversifier or hedge. Here, the intercept term shows significance most of the time. However, during 2018, the intercept was negative and significant, showing that it could serve as a hedge during geopolitical tensions and volatilities in the global stock market. However, during the early stages of COVID-19, we show that the intercept is negative and showing statistical significance, suggesting that Gold could serve as a hedge during the initial shocks of the pandemic. These findings are contrary to the results in the study by Tarchella et al. (2024) where they found hold as a good diversifier. Later, we find the intercept to be positive and significant, indicating that Gold could act as a potential diversifier. But during the Russia-Ukraine War, Gold exhibited hedge ability again. Looking into the behavior of β1, which is the partial correlation coefficient for the tenth percentile of return distribution shows negative and insignificant during 2018. Later, it was again negative and significant during the initial phases of COVID-19, and then negative in the aftermath, indicating that Gold could act as a weak safe haven during the COVID-19 pandemic. Gold could serve as a strong safe haven for the SP500 against volatility in the markets brought on by the war in Ukraine, as we see the coefficient to be negative and large during this time. From β2 and β3, the partial correlation coefficients of the fifth and first percentile, respectively, show that Gold possesses weak safe haven properties during COVID-19 and strong safe haven behavior during the Ukraine crisis. Next, we examine the characteristics of Bitcoin as a hedge/diversifier/safe haven against the S&P500 returns. We present the results in Figure 2.   Figure 2. Rolling Window Regression Results for S&P500 and Bitcoin.Note: Areas shaded under factor 1 represent significant regression coefficients. Like in the previous case, we begin by analysing the behavior of the intercept coefficient, which is β0. As mentioned earlier the intercept term will give a clear picture of the asset’s hedging and diversifier property. In the period 2018–2019, the intercept term is positive but insignificant. This could be due to the large volatility in Bitcoin price movements during the period. It continues to be minimal (but positive) and insignificant during 2019–2020, indicating toward weak diversification possibility. Post-COVID-19 period, the coefficient shows the significance and positive value, displaying the diversification potential. We see that the coefficient remains positive throughout the analysis, confirming Bitcoin’s potential as a diversifier. Looking into the behavior of β1 (the partial correlation coefficient at tenth percentile), it is positive but insignificant during 2018. The coefficient is having negative sign and showing statistical significance in 2019, suggesting that Bitcoin could be a good safe haven in that year. This year was characterized by a long list of corporate scandals, uncertainties around Brexit, and tensions in global trade. We can observe that throughout the COVID-19 period, the coefficient is showing negative sign and negligible during the March 2020 market meltdown, suggesting inadequate safe-haven qualities. However, Bitcoin will regain its safe-haven property in the coming periods, as the coefficient is negative and significant in the coming months. The coefficient is negative and shows statistical significance during the Ukrainian crisis, suggesting strong safe-haven property. Only during the Ukrainian crisis could Bitcoin serve as a safe haven, according to the behavior of β2, which displays the partial correlation coefficient at the fifth percentile. Bitcoin was a weak safe haven during COVID-19 and the Ukrainian crisis, according to β3, the partial correlation coefficient for the first percentile (coefficient negative and insignificant). According to the overall findings, Gold is a stronger safe haven against the S&P 500’s swings. This result is consistent with the previous studies of Triki and Maatoug (2021), Shakil et al. (2018), Będowska-Sójka and Kliber (2021), Drake (2022), and Ghazali et al. (2020), etc. The same analysis was conducted for the CAC 40 and the NSE 50; the full analysis can be found here [insert the next link in “the word here” https://journals.sagepub.com/doi/10.1177/09711023251322578]. However, it is important to highlight the respective results: In general, we may say that Gold has weak safe-haven properties considering CAC40. We can conclude that Bitcoin’s safe-haven qualities for CAC40 are weak. We can say that Gold showed weak safe-haven characteristics during the Ukraine crisis and good safe-haven characteristics for the NSE50 during COVID-19. We may say that Bitcoin exhibits weak safe haven, but strong hedging abilities to NSE50. Concluding Remarks In this study, we suggested a new method to evaluate an asset’s time-varying hedge, diversifier, and safe-haven characteristics. We propose a rolling window estimation of the DCC-based regression of Ratner and Chiu (2013). Based on this, we estimate the conventional asset’s time-varying safe haven, hedging, and diversifying properties during crises like the COVID-19 pandemic and the conflict in Ukraine. For comparison purposes, we include Bitcoin, a nonconventional safe-haven asset. We evaluate Gold and Bitcoin’s safe haven, hedging, and diversifier properties to the S&P 500, CAC 40, and NSE 50 variations. We use a rolling window of length 60 to estimate the regression. From the results, we find that Gold can be considered as a better safe haven against the fluctuations of the S&P 500. In the case of CAC 40, Gold and Bitcoin have weak safe-haven properties. While Bitcoin demonstrated strong safe-haven characteristics during the Ukraine crisis, Gold exhibited strong safe-haven characteristics during COVID-19 for the NSE 50. Overall, the findings indicate that Gold is the better safe haven. This outcome is consistent with earlier research (Będowska-Sójka & Kliber, 2021; Drake, 2022; Ghazali et al., 2020; Shakil et al., 2018; Triki & Maatoug, 2021). When it comes to Bitcoin, its safe-haven feature is weak. Bitcoin, however, works well as a diversifier and hedge. Therefore, from a policy perspective, investing in safe-haven instruments is crucial to lower the risks associated with asset ownership. Policymakers aiming to enhance the stability of financial portfolios might encourage institutional investors and other market players to incorporate Gold into their asset allocations. Gold’s strong safe-haven qualities, proven across various market conditions, make it a reliable choice. Gold’s performance during crises like COVID-19 highlights its potential to mitigate systemic risks effectively. Further, Bitcoin could also play a complementary role as a hedge and diversifier, especially during periods of significant volatility such as the Ukraine crisis. While Bitcoin’s safe-haven characteristics are relatively weaker, its inclusion in a diversified portfolio offers notable value and hence it should not be overlooked. Further, policymakers may consider how crucial it is to monitor dynamic correlations and periodically rebalance portfolios to account for shifts in the safe haven and hedging characteristics of certain assets. Such measures could help reduce the risks of over-reliance on a single asset type and create more resilient portfolios that can better withstand global economic shocks. For future research, studies can be conducted on the estimation of the rolling window with different widths. This is important to understand how the safe-haven property changes across different holding periods. Further, more equity markets would be included to account for the differences in market capitalization and index constituents. This study can be extended by testing these properties for multi-asset portfolios as well. We intend to take up this study in these directions in the future. Data Availability StatementNot applicable.Declaration of Conflicting InterestsThe authors declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.FundingThe authors received no financial support for the research, authorship, and/or publication of this article.ReferencesAkhtaruzzaman M., Boubaker S., Lucey B. M., & Sensoy A. (2021). Is gold a hedge or a safe-haven asset in the COVID-19 crisis? Economic Modelling, 102, 105588. Crossref. Web of Science.Al-Nassar N. S. (2024). Can gold hedge against inflation in the UAE? A nonlinear ARDL analysis in the presence of structural breaks. PSU Research Review, 8(1), 151–166. Crossref.Barbu T. C., Boitan I. A., & Cepoi C. O. (2022). Are cryptocurrencies safe havens during the COVID-19 pandemic? A threshold regression perspective with pandemic-related benchmarks. Economics and Business Review, 8(2), 29–49. 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In Latin America, Cuba, Nicaragua, and Venezuela are not alone in their support for Russia and its invasion of Ukraine. In many cases, support has been disguised as an interest in peace or a neutral stance towards the conflict, as seen in the cases of Colombia, Mexico, and Brazil. While we find manifold diplomatic approaches toward Russia and Ukraine in Latin America, the underlying motivations can be understood in terms of support or rejection. While a majority of nations reject the invasion, considering it a threat to territorial sovereignty and self-determination, others have been reluctant to place any blame on Russia. More broadly, there has been less of an ideological bloc and more of an anti-imperialist or anti-colonial sentiment, with a few exceptions, such as Gabrie Boric from Chile who has publicly repudiated Russia’s aggression against Ukraine. His opposition is a departure from other Latin American leftist leaders like Luiz Inácio Lula da Silva and Gustavo Francisco Petro who have been more critical of Volodymyr Zelensky than Vladimir Putin. However, we can still identify three distinctive approaches to the crisis: 1) geopolitical, 2) economic, and 3) historical. The region has a keen interest in keeping its doors open to Russia. BRICS members like Brazil have managed to maintain their alleged neutrality in the pursuit of peace—even as President Lula has explicitly supported  Putin—while simultaneously protecting their economic interests. Others like Colombia and Mexico have shielded their unwillingness to condemn Putin’s invasion of Ukraine in an apparent push for peace. On the economic front, attitudes towards Russia are more tenuous given that Russia’s capability for foreign direct investment has been significantly reduced by the brunt of the war, along with the impact of the economic sanctions that followed their aggression. To be sure, Russia’s investments in the region have been winding down for some time, with a decreasing profile in areas such as energy, oil, and gas, as well as software and IT. However, the economic ties are more significant in the cases of Cuba, Nicaragua, and Venezuela—where they are joined more by their subjection to economic sanctions, and therefore the necessity to evade the consequences of economic isolation. There are specific areas key to this alliance: Russian fertilisers, along with oil and diesel, are critical to bypassing Western sanctions. Meanwhile, historical ties are more consequential than is commonly understood. Misinterpretations of Russia’s Soviet past by leftist-governed Latin American countries and longstanding social and cultural commonalities partially explain the continued support from diverse leaders such as Lula and Jair Bolsonaro in Brazil. These ties, rooted in shared anti-colonial sentiments and cultivated over decades, and regardless of ideological shifts, illustrate Russia’s multifaceted regional influence. This context underscores the fact that Russia’s regional impact transcends ideological lines, with both left and right-wing governments either explicitly supporting Russia or criticising Ukraine’s NATO aspirations to justify Russia’s aggression. The return of Donald Trump to the White House has prominent leaders of the Latin American left aligning with the new administration, resulting in significant consequences for the region. The new US administration’s criticism of Kyiv resonates with positions held by Brazil, Mexico, Colombia, Cuba, and Nicaragua. Despite ideological differences, their alignment emerges from a mix of political affinities, geopolitical strategies, and historical connections. Putin’s explicit defiance of Donald Trump’s negotiation efforts raises questions about Latin America’s influence over the conflict, largely due to its initial reluctance to adopt a decisive stance against Putin. The lonely voice condemning Putin’s war of attrition continues to be Chilean President Gabriel Boric, in stark contrast to Lula DaSilva and Gustavo Petro, who remain in Putin’s corner, making it unlikely they can be viewed as honest brokers in a peace initiative. Trump’s policies have prompted Brazil and Colombia to voice limited concerns about US plans for Ukraine, although still refraining from outright condemnation of Russia. This stance appears less a genuine support for Ukraine and more an opposition to US involvement in peace processes, even blaming Ukraine as partially responsible. Meanwhile, ideology alone has proven insufficient to prompt unified condemnation of Russia or widespread support for Ukraine in Latin America. Previous efforts by the Biden administration to secure regional military assistance for Ukraine were met with firm rejection and reluctance. This distancing, interpreted as tacit support for Russia, contributes to concerns about increasing authoritarian tendencies in the region, reflecting a diminished commitment to emerging democracies in crisis. Effectively abandoned by the international community, Ukraine faces negotiations with nations seeking its valuable earth minerals in exchange for protection, essentially framing it within a debt relief context. The absence of significant Latin American critique of this neocolonial approach underscores a troubling shift where sovereignty and self-determination appear increasingly disposable, contingent upon geopolitical interests and contexts. Maria I. Puerta Riera is a Visiting Professor of Political Science at Valencia College in Orlando, FL., where she teaches U.S. Government and International Politics. She holds a PhD. in Social Sciences, with her research focusing on the crises of democracies in Latin America. She has a special interest in Venezuela, Cuba, and Nicaragua, and is currently working on the effects of the illiberal regimes of China and Russia and their use of sharp power in the region. This article is published under a Creative Commons License and may be republished with attribution.

ABSTRACT  This paper examines de-dollarization as a geopolitical industrial policy within the BRICS framework and its implications for Cuba, Venezuela, and Argentina. De-dollarization, a process aimed at reducing reliance on the US dollar, has gained momentum among BRICS nations as a response to economic sanctions, monetary sovereignty concerns, and external financial shocks, particularly following the 2008 global financial crisis. For Cuba and Venezuela, de-dollarization is necessary due to US sanctions, pushing them toward alternative  financial  mechanisms  through  BRICS  partnerships. Cuba’s  possible  de-dollarization  follows  increased ties with Russia, China, and Iran. Regarding Venezuela, despite its partial dollarization, Caracas seeks  to  strengthen  non-dollar  transactions  through  oil  trade. In  contrast,  under  President  Javier  Milei,  Argentina  has  rejected  BRICS  and  continues  to  debate  dollarization,  reflecting  the  country’s  historical  and economic ties to the US dollar. The study highlights that de-dollarization is a State-led, multilateral process influenced by external economic conditions and geopolitical alignments. While Cuba and Venezuela actively integrate with BRICS to reduce dollar dependence, Argentina’s approach remains uncertain, shaped by ideological and financial considerations. Keywords: De-dollarization, BRICS, Cuba, Venezuela, Argentina INTRODUCTION De-dollarization is almost a synonym of BRICS. The reduction  of  US  dollar  dominance  and  the  consequential dependence on it represent critical stakes for BRICS countries. Nonetheless, there are nuances and differences amongst BRICS members on monetary policies. Since the first summits (2009–2010), BRICS  asserted  the  Global  South’s  need  to  prioritize  trade  in  domestic  currency  and  refrain  from  US  dollar  pegging. For  initial  members  like  China  and  Russia,  as  well  as  newly  associated  countries  such  as  Iran  and  Cuba,  Western  sanctions  are  the  main  driver  for  de-dollarization. Instead,  for  Brazil,  India, and the majority of most recent BRICS partners  (primarily  from  Africa  and  Southeast  Asia),  de-dollarization  means  enhancing  their  monetary sovereignty,  fostering  domestic  currencies’  value,  and  avoiding  depending  on  US  institutions:  Treasury and Federal Reserve. De-dollarization pertains to  monetary  and  public  policies. Therefore,  it  is  a  state-led process. For this reason, it might be considered an industrial policy. It is necessary to outline that this article adopts the term geopolitical industrial  policy  for  a  State-led  economic  strategy  that,  unlike  inward-oriented  monetary  or  financial  policies, is deeply intertwined with the outward-looking dimension of foreign policy. Hence,  this  work  examines  de-dollarization  as  a  geopolitical  industrial  policy  within  the  BRICS  framework  and  its  implications  for  Cuba,  Venezuela,  and  Argentina. De-dollarization,  a  process  aimed  at  reducing  reliance  on  the  US  dollar,  has  gained momentum  among  BRICS  nations  as  a  response  to economic sanctions, monetary sovereignty concerns,  and  external  financial  shocks,  particularly  following the 2008 global financial crisis. For Cuba and  Venezuela,  de-dollarization  is  necessary  due  to  US  sanctions,  pushing  them  toward  alternative  financial  mechanisms  through  BRICS  partnerships. Cuba’s  possible  de-dollarization  follows  increased  ties  with  Russia,  China,  and  Iran. Regarding  Venezuela, despite its partial dollarization, Caracas seeks to  strengthen  non-dollar  transactions  through  oil  trade. In  contrast,  under  President  Javier  Milei,  Argentina has rejected BRICS and continues to debate dollarization, reflecting the country’s historical and economic ties to the US dollar. The study highlights that de-dollarization is a State-led, multilateral process  influenced  by  external  economic  conditions  and geopolitical alignments. While Cuba and Venezuela actively integrate with BRICS to reduce dollar dependence,  Argentina’s  approach  remains  uncertain,  shaped  by  ideological  and  financial  considerations. It is undebatable that there are differences between usual industrial policies and de-dollarization. Indus-trial policies look inward, are fashioned upon domes-tic  matters,  and  contradict, court,  multilateral  efforts. De-dollarization  is  a  geopolitical  industrial  policy that looks outward, focusing on the role of a given country in the world economy. Without multilateralism, a State pursuing de-dollarization would quickly become a pariah. As a geopolitical industrial policy,  de-dollarization  owes  its  rationale  to  external  shocks. It  is  safe  to  define  de-dollarization  as  exogenously  motivated. The  2008  global  financial  crisis (GFC) represented the critical external shock for  BRICS  members  to  escalate  their  de-dollarization objectives: “[E]specially  since  the  2008  global  financial  crisis,  central banks of many countries have been trying to diversify their portfolios to shift away from the US dollar through liquidating holdings of US Treasuries and increasing other assets including the euro, yen, renminbi and gold.” (Li, 2023, p. 9).  The 21st century wrought incentives to de-dollarization that finally sparked because of the GFC. However,  the  mainstream  doubts  surrounding  de-dollarization involve its feasibility. There are no tools to objectively  measure  the  status  of  de-dollarization  or its future outcomes. Notwithstanding limitations, de-dollarization  is  increasingly  attracting  Global  South economies. Specifically looking at Latin America,  this  work  outlines  how  de-dollarization  becomes  an  obligation  for  sanctioned  countries:  Cuba  and  Venezuela. The  two  ALBA  governments  mingled  with  BRICS  for  a  long  time,1  with  Havana  joining the forum in association and Venezuela almost on the same route, stopped by the Brazilian veto in the  Kazan  summit. Cuban  and  Venezuelan  de-dollarization finds in BRICS a multilateral opportunity.  The third country examined is Argentina since the government  of  Javier  Milei  refused  to  enter  BRICS  and  continuously  flirted  with  dollarizing  the  economy. From President Menem’s pegging to the US dollar (uno a uno) to the 2001 Corralito, Argentina’s recent economic history inevitably rests on currency issues (IMF, 2003). Unlike Venezuela, and on the contrary of Cuba (which is not part of the IMF), Argentina’s economic policies intertwine with Bretton Woods  institutions. That  might  be  the  reason  why  neoliberal Argentinian economists found in dollarization  a  solution  for  Buenos  Aires  (Cachanosky  et  al., 2023).  1. Force Majeure De-Dollarization for Cuba and Venezuela  Since  1999,  when  Fidel  Castro  and  Hugo  Chávez  coincided, de-dollarization meant an industrial foreign policy to antagonize US hegemony. In Cuba, de-dollarization  is  a  more  difficult  process  than  usual  assumptions  and  certainly  more  challenging  than  in  Venezuela. 2004  marked  the  year  when  the  US  dollar  was  officially  prohibited  on  the Caribbean Island, to reverse the dual currency  system  implemented  since  the  Special  Period  (Herrera  &  Nakatani,  2004). The  extra-territoriality  of  US  sanctions,  affecting  in  their  secondary effect  Cuba’s  trade,  led  Havana  to  a  de-dollarization fashioned upon the path that Deligöz (2024) identified  for  China  and  Russia. Besides  realpolitik  and  geopolitical  strategies,  Cuba’s  association  with  BRICS,  occurred  in  October  2024,  is  the  la-test  effort  to  de-dollarize. Venezuela’s  economic  crises and COVID-19 pushed Cuba into continuous indebtedness to survive, with US dollars reallowed but  still  at  limited  provision  due  to  Washington’s  restrictions  (Luis,  2020). To  give  account  of  its  urgencies,  in  a  few  months,  Havana  moved  from  apparent dollarization to initiatives for de-dollarization, thanks to BRICS. Over the summer, Primer Minister Manuel Marrero enabled USD payments in the  tourist  sector  (Gámez  Torres,  2024)  to  tackle  the balance of payments deficit with liquidity. For  a  country  obliged  to  rapidly  change  industrial  policies,  the  BRICS  opportunity  could  not  be  mis-sed. Cuba’s  reliance  on  Russia,  China,  and  Iran  may  materialize   a   complete   de-dollarization   that   can   favor  BRICS  projects  and  escape  US  sanctions. Of  course, the evident permanence of the bloqueo, regardless  of  who  runs  the  White  House,  is  the  main  driver for Cuba’s de-dollarization. A similar but quite nuanced situation applies to Venezuela as well. From the Bolivarian era inaugurated by President Chávez, de-dollarization  entangled  foreign  policy  objectives  even before US sanctions. The Sucre digital currency was  created  by  the  governments  of  Venezuela  and  Ecuador  as  the  main  ALBA  initiative  to  de-dollarize  commercial  transactions  among  Bolivarian  nations  (Benzi et al., 2016). ALBA-promoted Sucre was analogous to BRICS’ favoring of blockchains and digital currencies, limiting the USD to a reference value for the  bloc’s  transactions  (Mayer,  2024). US  sanctions  on Venezuela’s oil production, sparked under the first Trump Administration, meant a significant remotion of USD-denominated transactions for Caracas. Considering  ALBA’s  slow  progress  and  the  infeasibility  of fully adopting the Sucre, President Maduro had to look at BRICS for solutions. Despite  not  having  diplomatic  relations  with  Washington,  Venezuela  is  still  an  IMF  member. Ladasic points  out  that  “[a]s  Venezuela  joined  the  pack  of  countries  trading  oil  outside  of  USD  and  has  instead priced it in Chinese yuan, BRICS together with Venezuela  already  have  16%  needed  for  IMF  veto  power to use in a crisis” (2017, p. 100). The rentier characterization of the Venezuelan economy and its dependency  on  oil  exports  make  de-dollarization  a necessity. As per Cuba, unilateral policies are not enough. Venezuela’s  outcry  merged  with  inflation,  the  devaluation  of  the  bolívar,  and  a  paralysis  of  the  Venezuelan  Central  Bank  (BCV)  that  put  total  dollarization on the industrial-public policies’ table (Briceño  et  al.,  2019). Although  the  country  is  still  under  a  sort  of  de  facto  dollarization,  Venezuela’s  economic  resurrection  should  occur  together  with  a  de-dollarization  strategy. Failure  to  enter  BRICS  in the Kazan summit provides a temporary brake to Venezuela’s  de-dollarization,  but  the  prolific  trade  with China, Russia, Iran, and Türkiye will, in all cases, align Venezuela with BRICS policies. 3. Argentina: De-Dollarizing a Passion Economists  were  surely  interested  in  Javier  Milei’s  dollarization  claims. Less  than  a  year  into  his  government,  dollarization  seems  impossible  to  the  libertarian  president. Milei’s  negative  to  BRICS  demonstrates  that  de-dollarization  is  currently  not  considerable  for  Casa  Rosada. Nevertheless,  it  is  relevant to outline that Argentinian academia questioned  the  role  of  the  USD  and  studied  economic  policies  involving  de-dollarization. Corso  and  Sangiácomo (2023), in affiliation with the Central Bank of  Argentina  (BCRA),  argued  that  de-dollarization  might  help  in  relieving  the  extreme  inflation  saw  under  Alberto  Fernández’s  ruling. Other  authors  implied  that  the  Kirchners’  limitations  on  USD  access would lead to a gradual de-dollarization of the economy,  but  with  constraints  particularly  from  a  USD dominated housing market across Latin America  (Luzzi,  2013). If  under  the  Kirchners,  and  with  support of South American left-leaning geopolitics, de-dollarization  could  really  offer  a  pathway  for  the Argentine economy, with Milei that is barely an option. The  Argentine  relation  with  the  USD  does not hold a clear ideological cleavage. Argentinians’ passion for the dollar, as stressed by Bercovich and Rebossio (2013), embraced diverse political figures such as Perón, Aníbal Fernández (a prominent Kirchnerist politician), and Martínez de Hoz. The peso’s continuous  instability  legitimized  the  widespread  informal adoption of the USD, with first insight fore-seeable in the currency devaluation subsequent to the Great Depression (Díaz Alejandro, 1970). There is also a nationalistic meaning behind the peso, whose  national  heroes  imprinted,  from  Belgrano  to  Evita (Moreno Barreneche, 2023), portray a sentimental attachment to the banknotes that Argentinians do not want to erase. In sum, Argentina’s de-dollarization is as difficult as dollarization. Milei’s obsession for US hegemony inserts de-dollarization in a faraway scenario. Moreover,  Donald  Trump’s  victory,  who  promised  high tariffs to countries that unpeg from the USD (Butts,  2024),  constitutes  a  natural  barrier  to  de-dollarization. Its political viability might depend on an eventual Peronist succession to Milei. Argentina’s financial closeness  to  China,  and  a  possible  resume  of  BRICS  talks,  could  indicate  de-dollarization  as  a  future  last  resort. In this sense, de-dollarization within the BRICS framework might help Argentina in solving structural issues: Chronic external debt and dependency on Bretton Woods institutions. CONCLUSIONS De-dollarization is State-led and can be considered a  geopolitical  industrial  policy. Cuba,  Venezuela,  and  Argentina  show  that  de-dollarization  depends  on  geopolitical  calculus  and  economic  considerations. The incentives may be different, ranging from US sanctions to devaluation of the national currency. However,  unlike  dollarization,  de-dollarization  cannot  be  pursued  unilaterally. The  rise  of  BRICS  motivates  Global  South  countries  to  de-dollarize  under its guarantees. For Cuba and Venezuela, the association  with  BRICS  and  the  interdependence  with other sanctioned economies like Russia, China, and Iran, make de-dollarization an opportunity. Argentina’s  relation  with  the  USD  follows  its  turbulent  economic  history. Simultaneously,  there  is  passion  for  dollars and nationalism toward the peso banknotes. In this  context,  even  Milei  showed  that  dollarization  is  in  no way easier that de-dollarization. The currency issues affecting Argentina might not be resolved by neither of the two policies, but a future BRICS collaboration could bring de-dollarization again into the political debate. NOTES1  ALBA  references  the  Alianza  Bolivariana  para  los  Pueblos  de  Nuestra  América,  a  regional  organization  founded  by  Cuba  and  Venezuela,  including Bolivia, Honduras, Nicaragua, and several Caribbean islands. It was created in 2004 under the auspices of Hugo Chávez.REFERENCESBenzi,  D.,  Guayasamín,  T.,  &  Vergara,  M.  (2016). ¿Hacia  una  Nueva   Arquitectura   Financiera   Regional?   Problemas   y  perspectivas  de  la  cooperación  monetaria  en  el  AL-BA-TCP. Revista Iberoamericana de Estudios de Desarrollo, 5(1), 32–61. https://doi.org/10.26754/ojs_ried/ijds.193. Bercovich, A., & Rebossio, A. (2013). Estoy verde: Dólar, una pasión argentina. Aguilar.Butts, D. (2024, September 9). Trump’s vow of 100% tariffs on nations that snub the dollar is a lose-lose for China and U.S., economist says. CNBC. https://www.cnbc.com/2024/09/09/economist-calls-trumps-threat-to-tariff-countries-that-shun-the-dollar-a-lose-lose.html. Cachanosky, N., Ocampo, E., & Salter, A. W. (2023). Les-sons from Dollarization in Latin America. Free Market Institute  Research  Paper  No.  4318258,  AIER  Sound  Money  Project  Working  Paper  No.  2024-01.  https://doi.org/10.2139/ssrn.4318258. Corso, E. A., & Sangiácomo, M. (2023). Financial De-dollarization in Argentina: When the wind always blows from the East. BCRA Economic Research Working Paper No. 106. https://www.econstor.eu/handle/10419/297801.Deligöz, H. (2024). The Exorbitant Privilege of US Extra-territorial  Sanctions.  İnsan  ve  Toplum,  14(3),  29–52.  https://dergipark.org.tr/en/pub/insanvetoplum/is-sue/86942/1543025. Díaz Alejandro, C. F. (1970). Essays on the Economic His-tory of the Argentine Republic. Yale University Press.Gámez  Torres,  N.  (2024,  July  18).  Cuba  moves  to  ‘partially’  dollarize  economy  as  government  struggles  to  make  payments.  Miami  Herald.  https://www.mia-miherald.com/news/nation-world/world/americas/cuba/article290210784.html. Herrera,  R.,  &  Nakatani,  P.  (2004).  De-Dollarizing  Cuba.  International  Journal  of  Political  Economy,  34(4),  84–95. https://www.jstor.org/stable/40470915. Hurtado  Briceño,  A.  J.,  Zerpa  de  Hurtado,  S.,  &  Mora  Mora,  J.  U.  (2019).  Dollarization  or  Monetary  Independence?  Evidence  from  Venezuela.  Asian  Journal  of  Latin  American  Studies,  32(4),  53–71.  https://doi.org/10.22945/ajlas.2019.32.4.53. IMF. (2003, October 8). Lessons from the Crisis in Argen-tina. Ladasic,  I.  K.  (2017).  De-Dollarization  of  Oil  and  Gas  Trade.  International  Multidisciplinary  Scientific  Geo-Conference,    17,    99–106.    https://doi.org/10.5593/sgem2017H/15. Li,  Y.  (2023).  Trends,  Reasons  and  Prospects  of  De-Dollarization. South Centre Research Paper No. 181. https://www.econstor.eu/handle/10419/278680. Luis, L. R. (2020, October 7). Cuba: Dollar Crunch, Dollarization and Devaluation. Cuba Capacity Building Project. https://horizontecubano.law.columbia.edu/news/cuba-dollar-crunch-dollarization-and-deva-luation. Luzzi,  M.  (2013).  Economía  y  cultura  en  las  interpretaciones sobre los usos del dólar en la Argentina. In  A.  Kaufman  (Ed.),  Cultura  social  del  dólar  (pp.  11–19).  UBA  Sociales.  https://publicaciones.sociales.uba.ar/index.php/socialesendebate/article/view/3319.Mayer,  J.  (2024).  De-Dollarization:  The  Global  Payment  Infrastructure  and  Wholesale  Central  Bank  Digital  Currencies.  FMM  Working  Paper  No.  102.  https://www.econstor.eu/handle/10419/297865. Moreno  Barreneche,  S.  (2023).  El  dinero  como  soporte  material  de  la  disputa  por  el  sentido  de  la  nación:  Estudio  del  peso  argentino  desde  una  perspectiva  semiótica.  Estudios  Sociales:  Revista  Universitaria  Semestral,  64,  1–19.  https://doi.org/10.14409/es.2023.64.e0046. CONFLICT OF INTERESTThe  author  declares  that  there  are  no  conflicts  of  interest related to the article.ACKNOWLEDGMENTS Not applicable.FUNDING Not applicable.PREPRINT Not published.COPYRIGHT Copyright  is  held  by  the  authors,  who  grant  the  Revista  Política  Internacional  the  exclusive  rights  of  first  publication. Authors  may  enter  into  additional agreements for non-exclusive distribution of the  version  of  the  work  published  in  this  journal  (e.g.,  publication  in  an  institutional  repository,  on  a personal website, publication of a translation or as a book chapter), with the acknowledgment that it was first published in this journal. Regarding copyright, the journal does not charge any fee for the submission, processing, or publication of articles.

The BRICS meeting in Rio on July 6th and 7th gives a snapshot of the great power competition between China and the United States in different regions around the world, including Latin America. China has become the largest trading partner for many countries in Latin America, investing heavily in infrastructure and forging political alliances that further its strategic objectives. For its part, the Trump Administration of the United States issued the statement that those participating countries will face increased tariffs. The statement was the continuation of exercise and assertion of its authority for the past and present century. The positioning of various BRICS members and participating countries is particularly telling of what the great power competition means in the region and also globally. Brazil’s Lula hosted the meeting aiming to showcase its foreign policy leadership, not necessarily antagonizing the West. Russia is still going through the war in Ukraine, and Putin attended only online. India’s Modi was present as well as Ramaphosa from South Africa. No show of Xi Jinping was notable, although Premier Li Qiang was attending. Besides the BRICS core, other countries also showed promotion of their interests. Iran, for one, joined the group in 2024 and sent a ministerial level delegation to rebuke recent strikes on Iran. As the United States appears to be pulling back from its traditional leadership role in the world, China is seizing the opportunity to expand its influence and reshape global dynamics. Through a combination of state-driven development policies and active international engagement, Beijing has positioned itself as a major player in the Global South, extending its reach beyond Asia to regions such as Africa and Latin America. China’s increasing presence in the region has been mainly driven by the Belt and Road Initiative (BRI) and a surge in trade volumes, marking a major shift in the region’s economic landscape. Many experts point to China’s use of “infrastructure diplomacy”—financing ambitious, strategic infrastructure projects across the region—as a key factor in this rise. The numbers tell a compelling story. Trade data from the World Bank (Figure 1) shows that in the past ten years, China has overtaken the United States as the leading trading partner for much of the region, upending a dynamic that had held steady since the early 2000s. Beyond trade, China’s influence deepens through the 22 countries in Latin America and the Caribbean that have joined the Belt and Road Initiative. Chinese loans have poured in, funding major energy, infrastructure, and development projects that have reshaped local economies. China’s push isn’t just economic—it’s political too. Beijing has taken steps to strengthen cultural ties, increase academic exchanges and boost tourism in Latin America, including waiving visa requirements for travelers from some countries. This multi-faceted approach highlights China’s pragmatic mix of economic self-interest and strategic diplomacy as it works to secure resources, expand markets, and bolster its global standing. On the other hand, the United States has long been a strategic ally and key trading partner for Latin America. Agencies like USAID have funneled millions of dollars into economic and military initiatives across the region. With the recent changes in the aid policy, immigration policy, and tariff policy, Washington’s recalibration of its foreign policy are transforming the geopolitical balance in Latin America and the Caribbean. As both powers deploy their strategies — from deepening economic ties to defending national interests — the decisions of Latin American states remain critical in shaping their alignments with global powers. The ultimate outcome is still up in the air, but one thing is clear: power in the region is actively being renegotiated. The diverging approaches from China and the US have set the stage for a broader reconfiguration of power in Latin America and the Caribbean. Yet, it’s essential to recognize that each country’s internal decisions and policies also play a critical role in shaping this shifting landscape. Colombia provides a case in point. Historically, it has maintained close diplomatic ties with the United States while keeping China at arm’s length. Unlike countries like Brazil, Argentina, and Peru, Colombia has received relatively little Chinese infrastructure investment. However, with the election of president Gustavo Petro—the first left-wing president in the country’s history—Colombia has taken decisive steps to strengthen its relationship with China, presenting new challenges for the United States to maintain its strategic foothold in the country. We observe – both on political and economic dimensions – that the changes in China’s strategy, coupled with Colombia’s domestic policies, have reduced the country’s dependence on the US while increasing its desire to integrate with China. Politically, Colombia and the United States have long enjoyed a strong diplomatic relationship, as reflected in their shared memberships in international organizations, high-level dialogues, and multiple bilateral agreements. However, diplomatic tensions have emerged in recent years. Disputes between the two leaders, the change of course of USAID, and a significant drop in new bilateral agreements over the past four years have contributed to a shift in this traditionally stable partnership. Against this backdrop, diplomatic ties between China and Colombia have strengthened. In 2023 alone, both countries signed 12 cooperation agreements in trade, technology, and economic development, upgraded their relationship to a strategic partnership, and Colombia’s entry into the Belt and Road Initiative during recent China – CELAC Forum in May. Colombia also joined the BRICS New Development Bank a few weeks after that Forum. Economically, the US has traditionally been Colombia’s largest trading partner, backed by a free trade agreement and significant investment. Yet, in recent years, the share of US trade has steadily declined, while China’s footprint has grown (see figure 1). Although there’s no formal trade agreement, ties have strengthened during the current administration, including the opening of a Buenaventura-Shanghai trade route in 2025. Additionally, China’s “infrastructural diplomacy” has significantly grown: over 100 Chinese companies now operate in Colombia, and major infrastructure projects like Bogotá’s Metro Line 1 and the Regiotram are underway, along with investments in mobility, technology, and health. Latin America, and Colombia in particular, finds itself at the center of a geopolitical tug-of-war with China’s calculated investments and the US’s shifting policies. While Beijing leverages trade, infrastructure, and cultural diplomacy to expand its influence, Washington’s recalibration of its foreign policy leaves room for new alliances and opportunities. Our analysis shows that power reconfiguration is not merely a product of external rivalry. It is driven by the choices each Latin American nation makes. As Colombia’s case demonstrates, the region’s destiny hinges not just on global superpowers, but on its own internal political decisions and developments. The coming years will test how Latin America navigates these shifting currents. Disclaimer This article was made possible in part by a grant from the Carnegie Corporation of New York (G-PS-24-62004, Small State Statecraft and Realignment). The statements made and views expressed are solely the responsibility of the authors. Figure 1: China vs. US Import and Export TrendsDrawn by the authors using data from the World Bank.  

AbstractThis paper explores the complex factors that contribute to women's participation in terrorism, a subject that has attracted more scholarly interest, particularly in the wake of 9/11. The discipline is nonetheless politicised and divided despite a great deal of study, which is frequently made worse by a lack of primary data. Women, who are typically thought of as quiet and non-violent, have taken on important roles in terrorist groups, especially during the 1990s, where they have participated in high-profile attacks and leadership roles. The study identifies the main factors: political, religious, personal, and gender equality—that motivate women's participation. Examples show how different organisations differ in that some encourage women to participate actively, while others limit their positions. The study also examines how terrorism has changed over time, with a particular emphasis on its gendered aspects, and assesses how contemporary organisations such as the Islamic State have reshaped the roles of women in terrorist networks. Finally, by illuminating the ideological, cultural, and societal factors that lead to women's radicalisation and involvement, this research offers an in-depth examination of the relationship between gender and terrorism.Keywords:  Terrorism , Women , Political , Religion , Personal , Gender-equality Introduction The reasons behind female terrorism have been extensively studied and debated by numerous academics. Even though there is a wealth of study, a substantial portion of it is contradictory or incomplete. Frequently, the highly politicised word of terrorism has led to contradictory claims in the research. To understand why individuals resort to women terrorism, scholars highlight political, religious, social, and personal causes. In our culture, women were seen as housewives and peaceful members of society, and terrorist groups were controlled by men. Research on women and terrorism can be done on a variety of subjects; however, this paper will mostly focus on the causes of why women participate in terrorism. After 9/11 the academic research on scholarly papers on terrorism have increased by 300% since 9/11.[1] The connection between terrorism and gender is often overlooked due to governments' reluctance to reveal the primary causes and the reluctance to provide reliable data. Researchers often avoid original sources for security reasons. A 2009 review by Karen Jacques and Paul J. Taylor found a reluctance to describe events, excessive narrative analysis, and reliance on secondary sources. [2] The word "terror" comes from the Latin verb "terrere" which means to frighten. It was originally used by the Romans in 105 B.C. to characterise the terror that engulfed Rome during the attack by the Cibri tribe. During the French Revolution’s Reign of Terror, Maximilien Robespierre incited fear among the people.[3]The word "terrorist" was used by Edmund Burkey in the Regicide Peace letter. With the end of Reign of Terror, the word ‘terrorism’ gained popularity.[4] Terrorism, a deliberate use of force or intimidation, is a significant issue in the 21st century, often driven by ideological, religious, or political factors. However, the term "terrorism" has no widely recognised definition. There are four distinct stages of modern terrorism. The first wave of terrorism began in Russia and spread to Western Europe and the United States, using revolutionary and anarchist beliefs.[5]  The final wave is founded on religious beliefs that the world is currently dealing with. This wave started in 1979 when Iran underwent an Islamic revolution. Because of gender norms, terrorists are frequently perceived as masculine attackers. Women are perceived as powerless, passive, and victims during times of conflict, but it is important to remember that if they participate in terrorism, they may pose a greater threat than men.[6]And since 1990, women have gained prominence in terrorist organisations, assuming leadership positions and taking part in more brutal assaults. More media attention is given to female attackers, and people are more curious about the motivations behind their actions. Additionally, terrorist organisations are recruiting more women as a result of this. Although they have historically been involved in terrorist organisations, women's numbers have been small. As an example, the number of female suicide attackers has surged from eight in the 1980s to well over 100 since 2000, indicating a growth in the involvement of women in terrorist actions.[7]  On the other hand as per Bloom’s report over 257 suicide attacks were carried out by female bombers between 1985 and 2010, accounting for 25% of all terrorist incidents. Since 2002, the proportion of female bombers in several nations has surpassed 50%.[8]The first known incidence of female political violence happened in 1878, when Zasulich shot Fedor Trepov, the governor of Saint Petersburg. David Rapoport identified this as one of the four waves of modern terrorism.[9] Weinberg and Eubank claim that women have primarily assumed leadership positions in left-wing revolutionary bands while being assigned to inferior positions in right-wing organisations. They mostly perform supporting and auxiliary functions for numerous religious institutions. [10]Gender, Palestinian Women, and Terrorism: Women's Liberation or Oppression? was written by Anat Berko and Edna Erez. stated that during his questioning, he discovered that many Palestinian men did not approve of women participating in suicide bombings because they saw them as inferior to men.[11] After doing study with a local terrorist organisation, Jacques and Taylor chose 30 male and female suicide bombers. He finished by studying the fact that males prefer to join terrorist organisations for religious and nationalistic reasons, but female suicide terrorists are motivated by personal ones. Mia Bloom’s book the Bombshell: Women and Terrorism examines the motivations of women who participate in terrorism,[12] with an emphasis on relationships, respect, revenge, and redemption. According to Vetter and Perlstein, one of the reasons why women join terrorist organisations is because of gender equality. However, Jacques and Taylor disagree with this notion.[13]The main reason women join the LTTE is to fight for gender equality; they participate in every aspect of the group and do so to avoid being discriminated against and repressed by the male-dominated society.  The following studies will provide an academic perspective on the causes of women's involvement in terrorism. The main focus will be on four causes: political, religious, personal, and gender equality, as well as a list of important terror occurrences conducted by female terrorists as a result of some key ideological beliefs. Religious Cause: Religious convictions have been the foundation of many terrorist organisations throughout history. The Crusaders can be categorised as a terrorist group. Although the Crusaders' main objective was to propagate Christianity, they also committed heinous acts of terrorism. The Iranian Revolution of 1979 was the fourth wave of contemporary terrorism, and David Rapport claims that it was the first instance of religious terrorism in the modern era. Religious terrorism's core principle is the promotion of violence in the name of furthering religious beliefs. For example, Al-Qaeda and ISIS promote an Islamic caliphate globally.[14] However, attempting to do so by using cruel and aggressive methods. Islam and terrorism have become more associated since 9/11, as terrorist organisations have posed a serious threat to Western ideologies and societal influences.[15] Gonzalez-Perez notes that suicide bombers frequently use the idea of martyrdom and benefits in the afterlife to lure people into justifying their acts.[16] Women are also part of religious terrorist organisations but there are two argument over women involvement in jihadi group. As explaind by Muhammad Khayr Haykal in his book Al-Jihad wa al-qital fi al-siyasah al-shar'iyyah. 1. Women were seen as having a responsibility in raising money for Jihadis, caring for children, and providing medical treatment.[17] 2.    The Islamic state should set up training facilities for women to learn how to wield weapons and combat techniques, according to Islamic legal expert Muhammad Khayr Haykal. According to him, all Muslims should be held accountable for jihad if it turns into fard ‘ayn, and women must be prepared for this possibility in order to perform their duty. This strategy permits the practice of female jihadism in martyrdom missions and on the battlefield.[18] Role of women in Al-Qaeda According to Robet Pape in his book Dying to Win: The Strategic Logic of Suicide Terrorism.[19]Highlights that male terrorists affiliated with Al-Qaeda oppose women's participation in terrorism. However the Tamil Tigers used twenty-three female attackers, the Palestinians used six, the Lebanese used six, the Chechens used fourteen, and the PKK used ten. Consequently, he concluded that Islamic fundamentalists oppose female fighters.[20] However, after the rise of the Islamic state, which encourages women to join their organisation and accept arms, the Pape argument is no longer regarded as legitimate. For example, some 200 women joined the Islamic State in Syria in 2014 after migrating from Western nations. Additionally, they more than doubled their numbers in 2015, reaching over 550 women.[21] This suggests that the Islamic State may assign women a direct role, such as suicide bombing, in a way that is different from that of many other jihadist organisations, such as the Taliban and Al Qaeda.  In Al-Qaeda the women played a secondary role for.e.g: Al Qaeda also benefited strategically from the assistance that women provided. For instance, the female terrorists of Al Qaeda were strongly using the internet to try to convince men to join the worldwide Jihad. Some males are inclined to join these groups because they feel ashamed of their masculinity as a result of these communication strategies.[22]Women's roles in jihadist organisations are valued in that they bear children and raise them to be potential recruits for terrorist organisations. Usama Bin Laden thanked women by saying: "You have inspired and encouraged [men] to join jihad, and you have raised all the men who fought in Palestine, Lebanon, Afghanistan, and Chechnya, and you are the ones who produced the squadron of heroic men who carried out the raids in New York and Washington."[23] On the other hand Ayman al-Zawahiri's wife, Umayma al-Zawahiri, also urged her "Muslim sisters" to raise their kids on the love of jihad in God's way and "to induce their brothers, husbands, and sons to protect Muslims' lands and properties. To support (male) jihadists with prayers and financial support. [24] Al Khansa'a was one of the authors of the online magazine that inspired Muslim sisters with her articles; while she did not advocate for women to fight in combat, she did counsel them to stay in shape and exercise so they would be prepared for jihad.[25] Al-Qaeda Iraq's founder and Al-Qaeda member Abu Musab al Zarqawi urged Iraqi women to join the military. In Talafa, Iraq, a US military recruiting centre was the target of the first female suicide bomber. According to the announcement made by al Qaeda in Iraq on its website, "A blessed sister carried out a brave strike defending her beliefs. May God include our sister among the group of martyrs.’’[26]According to Mia Bloom the attack was carried out under the alias "ghost group" because it was still forbidden for Al Qaeda Central to collaborate with women on suicide bombings.[27] The identities of male suicide bombers are mentioned by AQI members, but the names of female suicide bombers are never mentioned. As a result, it is challenging to determine the purpose or driving force for their membership in terrorist organisations. Despite the lack of data regarding female suicide bombers, certain enquiries and interviews provide us with comparable reasons why they chose to join AQI as female terrorists. After losing a loved one, women join terrorist organisations in order to kill the offender and get revenge for the deaths of their husbands and brothers. Furthermore, AQI members urged young females to die as martyrs, claiming that they would immediately enter heaven and be the prophet Muhammad's neighbours.[28] Al-Qaeda is therefore mostly a male organisation that discourages women from engaging in violent activities. Women's roles are limited to becoming teachers, fund-raisers, social media advocates, and moms of potential jihadists. Role of women in Islamic State(IS) Islamic State was founded in 1999. The Islamic State had the greatest number of foreign terrorist fighters in history, making it a unique terrorist organisation. About 41,490 foreign nationals from 8 nations joined the Islamic State with the goal of restoring the caliphate. Of the foreign terrorist fighters, about 4761 (13%) were female. Following Eastern Europe (44%), Western Europe (42%), the Americas, Australia, and New Zealand (36%), and other regions, Eastern Asia had the greatest percentage (70%) of women connected with the Islamic State.[29] The biggest motivation for joining an Islamic terrorist organisation is religion. Women typically played a supporting role in Islamic terrorist organisations prior to the rise of the Islamic State. However, the role of women in these organisations has grown stronger after the fall of Al-Qaeda and the rise of Islamic State in the Middle East. Muriel Dagauque, a Muslim woman who converted to Islam and was married to a Muslim man, was one of the Islamic State suicide bombers. She moved to Iraq with her spouse from Europe in order to become a martyr, and on November 9, 2005, she bombed herself.[30] Many jihadist suicide bombers are comforted by the assurance that they will be sitting next to God (Allah), experiencing only joy and no agony, before the first drop of their blood ever hits the earth.[31]Women joined the Islamic State mostly for religious reasons. Umm Layth, also known as Aqsa Mahmood, was a 21 year old Scottish university student who travelled to Syria to take part in Islamic State terrorist activities. Mahmood expressed her opinions on jihad with the following sentences.: "If not you, then your grandkids or their grandchildren. But do not worry, our cubs will eventually shed your blood. This Islamic dominion will become well-known and dreaded all over the world. Choose a side; this is a fight against Islam. You may either support them or support us.''[32] Role of women Chechnya Terrorism: Islam is the predominant religion in Chechnya, and Wahhabist terror ideology is linked to Chechen terrorism, particularly suicide terrorism.[33]The Wahhabi sect appears to have spread to the Chechen territories through other terror cells in the Middle East, such as al Qaeda.[34] This ideology which glorifies martyrdom and promotes jihad in order to establish a worldwide Muslim caliphate is a rationale for carrying out acts of retaliation and acting on behalf of a national separatist movement.[35] Chechen women, due to their Islamic influence, often wear black and traditional Muslim clothing, such as a head scarf or jilbab, which allows them to conceal weapons and bombs, as seen in the Dulbrov theatre incident.[36] Religion is one factor that contributes to women joining terrorist organisations, but it is not the only one; other factors also play a role. Political Cause According to Gus Martin, terrorism can occur under a variety of circumstances when there is political repression. First, the group is resentful of the injustices they perceive in society. The group also believes that their social dissent is insignificant. Last but not least, the group believes that there are problems with the system that can be fixed, which leads them to confront the conflict.[37] Despite the widespread belief that women do not participate in political violence, women have been planning attacks and taking part in political violence since 1800.[38] Violence is a tactic used by women who are dissatisfied with the government, have their opinions ignored, and are under-represented in organisational structures With anarchist and revolutionary beliefs, anarchism was the beginning point of the first wave of contemporary terrorism, which swept from Western Europe to America. Nonetheless, women's political motive persisted until the second wave of terrorism, when nationalism emerged as the primary driver of women's participation in terrorism.[39] However, they were only allowed to serve as scouts and messengers during the second wave of terrorism. David Rapoport claims that because women once again assumed leadership roles, there are some similarities between the first and second waves.[40] Vera Zasulich shot the governor of St. Petersburg; she said that she had a political purpose for doing so because the governor was well-known for his Polish insurrection and had ordered to execute political prisoner Arkhip Bogolyubov. This infuriated the revolutionary forces, and six people made the decision to kill the governor, but Zasulich was the first to take the initiative. This was the beginning of the first wave of terrorism. Despite the fact that women participated in political violence, her case is notable as the first instance of female political violence in the modern era or the first to be acknowledged. [41] Russian university students founded the group, which specifically targeted political figures. Vera Figner and Gesia Gelfman, Sofia Perovskaya, and three ladies from Narodnaya Volya had a key role in the March 13, 1881, assassination of Russian Emperor Alexander II in St. Petersburg.[42] The reason behind this act was that Tsar Alexander II released his renowned Emancipation Manifesto in 1861 after the Russian intellectuals struggled to achieve their demands. This was intended to end the peasantry's enslavement and, if feasible, bring about a new, more liberal era. Perovskaya and other disappointed reformers decided to accelerate change as it became evident that this new age was a false dawn. As a result, hundreds of revolutionaries left St Petersburg in 1874 to tour the Russian countryside and read pamphlets to the peasants about socialism, nihilism, and anarchism in an attempt to educate them for the day when they would destroy the Tsar.[43] In 1954 the Algerian muslim formed a group called National Liberation Front. Their major goal was to achieve independence from the colonial power France. FLN rose to prominence thanks to its female members, Zohra Drif, Dajmila Bouhard, and Samia Lakhdar. They were able to cross the French checkpoint and leave bombs in various locations, and as a result, three people died in an explosion on September 3, 1956, and several others were injured.[44]This movement occurred at the time of second wave of contemporary terrorism which was based on the idea of nationalism and anticolonialism. As per reports between 1970 and 1984, 451 Italian women joined terrorist organisations and then engaged in political violence. The bulk of these women had degrees and performed identical duties to those of male terrorists, they found, with 35% of them being students, 23% being clerks, secretaries, nurses, technicians, and 20% being instructors. A paramilitary group called Red Brigade was established in 1970 and was engaged in terrorist activities around the nation. Because it supported Italy's withdrawal from NATO and dominated the Marixist-Leninist worldview. Known for its kidnapping and murderous activities, Red Brigades also killed former Italian Prime Minister Aldo Moro and abducted James L. Dozier, a senior US officer at NATO. Barbara Balzerian had murdered him. Many female members of the Red Brigades participated in the group's violent assaults, and Margherita Cagol (Mara), one of the Red Brigade's co-founders and one of the first victim in an armed conflict with the police, became a symbol of the left-wing movement.[45]The most violent communist organisation throughout the 1970s and 1980s was the Red Army Faction which engaged in ideologically motivated terrorism in West Germany. Ulrike Meinhof and Gudrun Ensslin, co-founders, protested consumerism by burning a department store in Frankfurt in 1968.[46] A major problem is the Chechen people's desire for independence from Russia, which is driven by their nationalist and separatist beliefs. In the lengthy history of the Chechen Republic, Russians, have been the target of several violent attacks. Since June 7, 2000, Khava Barayeva and Luisa Magomadova stormed the temporary headquarters of an elite OMON (Russian Special Forces) squad in Alkhan Yurt, Chechnya, sparking the start of Chechnya's "Black Widows" movement. With two fatalities and five injuries, the incident brought attention to the group's notorious actions.[47]According to the report, women were responsible for 47% of all terrorist incidents and 81% of suicide attacks in the Chechen region between 2000 and 2005.[48] For more than 30 years, the Liberation Tigers of Tamil Eelam (LTTE) battled the Sri Lankan central government, mostly because of the Tamil minority's ethnic oppression. Their goal was to establish their own nation in Sri Lanka's north and east.[49] The use of female suicide bombers and the LTTE's high proportion of female members were well-known. The proportion of female LTTE members varied between 20 and 30 percent, with some estimates reaching as high as 50 percent in certain years.[50]According to LTTE theorist Anton Balasingham's wife, Adele Ann, a Tamil woman's decision to join the group was a sign to society that she was dissatisfied with the status quo and had the ability to rebel against authority.[51]To sum up, female revolutionaries have contested the idea that they are less capable of committing acts of terrorism or have less political clout, and. Additionally, nationalism and revolution are the main goals of the majority of terrorist organisations that are focused on women. Personal reason Personal causes, such as revenge, family instability, rape, personal tragedy, and revenge, are important motivations for the individual to join terrorism. Women are more likely to cite these as their original motivation in joining terrorist organizations than men. Mia Bloom, Jaques and Taylor, and Robert Pape have all proposed that the reasons behind female terrorists are different from those of male terrorists. According to them, the emotions of female terrorists such as family problems, discontent, and the desire to commit suicide are what motivate them. These motivations are further divided by Bloom into four categories: respect, relationship, revenge, and redemption. [52] 1. Women who experience sexual assault, including rape, may retaliate violently; some may even choose suicide bombing as a last resort. After women were raped in Iraq, Samira Ahmad Jassim, dubbed the "mother" of suicide bombers, was accused of encouraging rape victims to commit honour suicide and conducting 28 suicide attacks, according to the Die Welt article..[53] 2. During the Chechen War, Russian soldiers sexually assaulted many Chechen women. According to estimates from Doctors Without Borders, 85 percent of Chechen women experienced sexual assault at the hands of law enforcement and military during the Chechen War. Journalist Svetlana Makunina claims that after being drugged and raped, Chechen women were left with no choice but to commit suicide bombing.On the evening of May 21, 1991, LTTE suicide bomber Dhanu killed former Indian Prime Minister Rajiv Gandhi at an election rally in Sriperumbudur, Tamil Nadu. She clarified that she took this action after being gang-raped by Indian peacekeeping troops. 3. Another crucial element that encourages women to join terrorist groups is relationships. Family members and relatives, who are important in the recruitment process, could function as a conduit between the terror group and women. Sidney Jones claims that while some women freely choose to wed male terrorists, others are coerced by their relatives.[54] Many women join ISIS for a variety of reasons, including a desire to contribute to the caliphate, a desire for friendship with like-minded individuals, or direct pressure by family members and acquaintances.[55] For e.g., Shamima Begum was influenced by her friend Sharmena to join IS. Barbara Victor, Army of Roses: Inside the World of Palestinian Women Suicide Bombers stated that instead of acting on their own initiative, female Palestinian suicide bombers are “at the mercy of, or in love with, their handlers.”[56] (women join terrorist organisations because they are forced by male) 4. Guillermo Galdos, and “Eliana Gonzales,” points out that male influence is not an essential prerequisite for recruiting women into violent organizations. In order to join revolutionary movements, women have reported willingly leaving their boyfriends, husbands, and kids. The oldest woman in Columbia's Fuerzas Armadas Revolucionarias de Colombia (FARC), Eliana Gonzales Acosta, for instance, abandoned her husband, sister, and daughter to join the group.[57] 5. Many people who have been directly impacted by the acts of another group resort to terrorism. The revenge theory is the name given to this. An individual is more inclined to engage in terrorism if they have lost a friend or loved one to a terrorist organisation or the military.[58] Additionally, according to Jacques and Taylor, revenge influences people's decision to join terrorist groups.[59] In literature and art, the stereotype that women are more revengeful than males is mirrored. According to William Cosgrove's The Mourning Bride, "Heaven is furious, like love turned to hate, and Hell is furious, like a woman scorned.”[60]Russian negotiator suggests the difference between men and women is that “[Chechen women] are ‘zombified’ by their own sorrow and grief.[61] The Russian and international press called Chechen women bombers "Black Widows" as it was revealed that many were acting in retribution for the deaths of their husbands, kids, and brothers.[62]Since the takeover of the Dubrovka Theatre in October 2002, nineteen female bombers have appeared in black mourning garments with bombs attached to their bodies. They held 850 people hostage for two and a half days. Until Russian forces imposed persecution on the people and executed the terrorist. While these motivations were not limited to revenge or family difficulties, they were also gender specific. There are more men killed in these battles, resulting in an imbalance of women battling for retribution. Furthermore, women constitute the majority of rape victims in these communities, which motivates them to join. Gender Equality: According to Vetter and Perlstein, one of the reasons why women join terrorist organisations is because of gender equality. However, Jacques and Taylor disagree with this notion.[63]FARC, or Revolutionary Armed Forces of Colombia, was established to combat societal inequality and provide women with opportunities for advancement. Despite being predominantly dominated by women, the organization offers women's rights, sexual freedom, and opportunities for advancement in a patriarchal society.[64] FARC recruits in rural areas, where women often have fewer opportunities, highlighting the organization's societal focus on women's rights.[65]A woman who had spent many years of her life in the FARC (Fuerzas Armadas Revolucionarias de Colombia—Ejército del Pueblo, or Revolutionary Armed Forces of Colombia—People's Army) was interviewed by Anne Phillips in 2012.[66]For the numerous reasons mentioned above, this woman, code-named "Athena," joined the FARC before turning thirteen. She explains why she joined this group  as it provides gender equality. She had economic reasons because she was from a rural area and lacked access to economic and educational opportunities. Women in Colombia's rural communities face a lack of opportunities, which leads to prostitution. Many women turn to the FARC as a viable alternative to prostitution. The FARC gives women a stable income. Women turn to the FARC because they are guaranteed food and other requirements. They are given the same opportunities as males and are able to support themselves. Also, by women joining terrorist organizations they are challenging gender stereotypes in their societies. O’Rourke says that women dislike these gender norms and rise out against them in opposition of the stereotyped female in their culture.[67]The LTTE gives women the same incentive to advance gender equality. According to LTTE women, they felt liberated and empowered within the organisation. By establishing sexual limitations and providing equal training chances, the LTTE established an environment that was equal for men and women. Women held leadership roles inside the LTTE and believed they were on par with the men themselves. Often, women join these groups to either learn about or escape gender inequality. CONCLUSION: The primary goal of this article was to examine the primary motivator for women to join terrorist organisations. For more than a century, women have been participating in terrorist activities, but only in recent decades have studies of terrorism examined female terrorists. Political, religious, personal, and gender equality are some of the motivations for women to join terrorist groups and participate in liberation movements. Since the 19th century, women have joined a variety of terrorist organisations; some conduct these horrible deeds to defend their beliefs or territory. Religion is another reason these women wish to sacrifice themselves in the name of Islam. They act in this way because they believe that, despite their crimes, they will be admitted to heaven if they commit murder for Islam. Women's terrorist operations might occasionally be motivated by personal issues. Although forced marriage, family issues, rape, the death of a loved one, and defiance of the patriarchal society are some of the main causes, other traumas could also influence their choices. However, each of the four factors has a major impact on women's decision to participate in terrorism. Al-Qaeda and Islamic State, for example, are heavily influenced by religion. The Tamil Tigers and FARC, on the other hand, are primarily driven by personal motives and gender equality. Furthermore, the political cause of Red Brigade and the National Liberation Front has been their main source of motivation. "Personal, political, and religious motivations are the main cause behind women's involvement in terrorism," claim Cunningham and Bloom. In order to curb terrorists' actions in the modern world, it is critical to comprehend their objectives and the reason behind their organisation. Furthermore, since many highly educated women have joined terrorist organisations, we cannot claim that education may have a major influence. There is extremely little research on gender and terrorism, particularly on women's participation in terrorist actions. To determine the primary reason women, participate in terrorism, we must conduct additional research in this field. Due to the fact that the information offered is highly generalised. What steps should the government take to prevent women from joining terrorist organisations? What other variables might encourage women to join terrorist organisations? Researchers from all social science fields should conduct some research on these pressing concerns as political scientists alone are unable to provide these answers. Bibliography[1] Jessica Shepherd, “The Rise and Rise of Terrorism Studies,” last modified July 3, 2007, accessed December 10, 2024, https://www.theguardian.com/education/2007/jul/03/highereducation.research.[2] Jessica Shepherd, “The Rise and Rise of Terrorism Studies,” last modified July 3, 2007, accessed December 10, 2024, https://www.theguardian.com/education/2007/jul/03/highereducation.research.[3] Ariel Merari, Driven to Death: Psychological and Social Aspects of Suicide Terrorism, 1st ed. 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Andy Knight and Tanya Narozhna, “Social Contagion and the Female Face of Terror: New Trends in the Culture of Political Violence,” Canadian Foreign Policy Journal 12, no. 1 (March 14, 2011).[34] Ibid.,33[35] Ibid.,33[36] LindseyA O’Rourke, “What’s Special about Female Suicide Terrorism?,” Security Studies 18, no. 4 (December 2, 2009): 690.[37] Gus Martin , Understanding Terrorism: Challenges, Perspectives, and Issues , 8th ed. (SAGE Publications, Inc, 2024), 60.[38] Maha Butt, “Feminist IR Theory and Terrorism,” International Affairs Forum, accessed December 16, 2024, https://www.ia-forum.org/Content/ViewInternal_Document.cfm?contenttype_id=0&ContentID=9152#:~:text=Analyzing%20terrorism%20from%20a%20feminist's,female%20terrorists%20as%20'women%20terrorists..[39] David Rapoport, The Four Waves of Modern Terrorism (Washington DC: Georgetown University Press, 2004), 46–73.[40] Elena Gapova, “Gender Equality vs. Difference and What Post-Socialism Can Teach Us,” Womens Studies International Forum 59 (November 1, 2016).[41] “Vera Zasulich,” Wikipedia, https://en.wikipedia.org/wiki/Vera_Zasulich#cite_note-5.[42]Elena Gapova, “Gender Equality vs. Difference and What Post-Socialism Can Teach Us,” Womens Studies International Forum 59 (November 1, 2016).[43] James Crossland, “The Women Who Ended an Emperor,” History Workshop, last modified April 21, 2021, https://www.mybib.com/#/projects/39m8D0/citations/new/webpage.[44] Zeynep Bayar, “The Role of Women in Terrorism,” City University of New York (CUNY) , accessed December 15, 2024, https://academicworks.cuny.edu/cgi/viewcontent.cgi?article=4346&context=gc_etds.[45] Ruth Glynn , Approaching Women, Terror, and Trauma in Cultural Perspective, 2013.[46] “Andreas Baader and Ulrike Meinhof,” Encyclopedia.com, accessed January 2, 2025, https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/andreas-baader-and-ulrike-meinhof.[47] Anne Speckhard and Khapta Akhmedova, “Black Widows: The Chechen Female Suicide Terrorists,” The Institute for National Security Studies, last modified August 2006, https://www.inss.org.il/wp-content/uploads/2017/08/Female-Suicide-Bombers-63-80.pdf.[48] Anne Speckhard and Khapta Ahkmedova, “The Making of a Martyr: Chechen Suicide Terrorism,” Studies in Conflict & Terrorism 29, no. 5 (September 22, 2006).[49]Peng Wang, “Women in the LTTE: Birds of Freedom or Cogs in the Wheel?,” Journal of Politics and Law 4, no. 1 (2011).[50] Karla J. Cunningham, “Cross-Regional Trends in Female Terrorism,” Studies in Conflict and Terrorism 26, no. 3 (May 2003).[51]“Liberation Tigers of Tamil Eelam (LTTE),” South Asia Terrorism Portal, https://www.satp.org/satporgtp/countries/srilanka/terroristoutfits/ltte.htm.[52] Karen Jacques and Paul J. Taylor, “Male and Female Suicide Bombers: Different Sexes, Different Reasons?,” Studies in Conflict & Terrorism 31, no. 4 (2008).[53]Mia Bloom, “What’s Special about Female Suicide Terrorism,” Gender Studies 28, no. 1–2 (June 1, 2011).[54] Sidney Jones, “Inherited Jihadism: Like Father, like Son,” International Crisis Group, last modified July 4, 2007, https://www.crisisgroup.org/asia/south-east-asia/indonesia/inherited-jihadism-father-son.[55] Daniel Milton and Brian Dodwell, “Jihadi Brides? Examining a Female Guesthouse Registry from the Islamic State’s Caliphate,” Combating Terrorism Center 11, no. 5 (May 2018).[56]Edward E. Azar, “Protracted International Conflicts: Ten Propositions,” International Interaction 12, no. 1 (January 9, 2008).[57]“GENDER and TERRORISM: MOTIVATIONS of FEMALE TERRORISTS ,” DNI.gov, https://www.dni.gov/files/documents/FOIA/DF-2023-00139-Gender_and_Terrorism_Thesis.pdf.[58]LindseyA O’Rourke, “What’s Special about Female Suicide Terrorism?,” Security Studies 18, no. 4 (December 2, 2009): 710.[59]Karen Jacques and Paul J. Taylor, “Male and Female Suicide Bombers: Different Sexes, Different Reasons?,” Studies in Conflict & Terrorism 31, no. 4 (2008): 322[60] “GENDER and TERRORISM: MOTIVATIONS of FEMALE TERRORISTS ,” DNI.gov, https://www.dni.gov/files/documents/FOIA/DF-2023-00139-Gender_and_Terrorism_Thesis.pdf.[61]Ibid.,63[62] Anne Speckhard and Khapta Ahkmedova, “The Making of a Martyr: Chechen Suicide Terrorism,” Studies in Conflict & Terrorism 29, no. 5 (September 22, 2006).[63]Karen Jacques and Paul J. Taylor, “Male and Female Suicide Bombers: Different Sexes, Different Reasons?,” Studies in Conflict & Terrorism 31, no. 4 (2008).[64]Natalia Herrera and Douglas Porch, “‘Like Going to a Fiesta’ – the Role of Female Fighters in Colombia’s FARC-EP,” Small Wars & Insurgencies 19, no. 4 (January 26, 2009).[65]Mia Kazman, “Women of the FARC,” William J.Perry Center, accessed December 23, 2024, https://wjpcenter.org/wp-content/uploads/2023/09/Women-of-the-FARC.pdf[66]Christine Balling, “Why Women Turn to the FARC -- and How the FARC Turns on Them,” Foreign Affairs, last modified June 1, 2012, accessed December 23, 2024, https://www.foreignaffairs.com/articles/colombia/2012-06-01/fighting-mad.[67]LindseyA O’Rourke, “What’s Special about Female Suicide Terrorism?,” Security Studies 18, no. 4 (December 2, 2009): 702