Current Scholarly Understanding of the term "Monotheism"

I intentionally used the term “monotheism” with the full realisation of its controversial nature in scholarly discussions. I do not use this word with the understanding that there are no other spiritual beings, and I do not intend to imply that the gods of the nations do not exist (I read Isa 40-55 as hyperbolic expression). Rather, and I find that this view accords with the canon, by “monotheism” I mean that there is one Creator who reigns supreme over all, and this Creator is YHWH. The supposed “gods” do not rival the status of ‘elohim; instead, they are SHDYM (Deut 32:17). I prefer the word “monotheism” over “henotheism” because I do not believe that this latter word accurately captures the emic view of the canon; the Lord is not one God among many gods. The Lord reigns supreme over all.

Terrance R. Wardlaw, Jr. Elohim with the Psalms: Petitioning the Creator to Order Chaos in Oral-Derived Literature (London: Bloomsbury, 2015), 37 n. 67