Multicurrency mercantilism describes a situation where nations use their own currency combined with legal restrictions to enforce favourable conditions for them, rather than using global reserve currencies for international trade. This gives nations more autonomy, better ability to collect tax revenue and to implement protectionist strategies that build local industries without competition from the global economy, and can defend against the use of sanctions that would destabilise their economy. From a global perspective it means barriers to free trade, to investment, and less ability to economically punish countries that violate international law.
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