Will the World Ditch the Dollar?

Bush et al discuss the global movement against US monetary hegemony. The US dollar's dominance in the global economy is largely due to its role as a middleman in trade and financial transactions. The dollar was the strongest and most stable currency around the end of World War II, providing fin...

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Bibliographic Details
Published in:Dollars & sense (Somerville, Mass.) Mass.), 2023-09 (368), p.11
Main Authors: Bush, Sasha Breger, Bukhari, Nimra, Cordova, Jesselina, Ingram, Nicholas, Kabela, Ketsia, Kai, Jake, Tapia, Vicente
Format: Magazinearticle
Language:English
Subjects:
American dollar
Global economy
Monetary policy
Online Access:Get full text
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Summary:Bush et al discuss the global movement against US monetary hegemony. The US dollar's dominance in the global economy is largely due to its role as a middleman in trade and financial transactions. The dollar was the strongest and most stable currency around the end of World War II, providing financial stability as the world recovered and rebuilt. The Bretton Woods system, which emerged in 1958, involved a "dollar-gold standard" where the US pegged the dollar to gold, and other countries pegged their own currencies to the US dollar. However, the dollar has been severely impacted by the Ukraine war and its geopolitical context, leading to a growing international backlash against Western dominance. This backlash has led to a wide swath of the non-Western world coordinating to reduce dependence on the US dollar and develop alternatives to cut out Western monetary middlemen.
ISSN:0012-5245