Subitha Subramaniam

One day, the dollar will no longer be almighty

Subitha Subramaniam and Guy Monson say the economic version of Pax Americana has brought extraordinary global benefits but is already sowing the seeds of its own demise

issue 07 July 2007
  • Comments

At the end of the second world war, 43 allied nations gathered at Bretton Woods to reconstruct the global financial system. The result was an economic version of Pax Americana: a liberal trading and financial regime centred on US strength. The dollar became the world’s reserve currency and the free world fixed its exchange rates to the greenback.

GIF Image

Disagree with half of it, enjoy reading all of it

TRY 3 MONTHS FOR $5
Our magazine articles are for subscribers only. Start your 3-month trial today for just $5 and subscribe to more than one view

Read next

Trending

James Kirkup

Nigel Farage’s left-wing turn looks like a triumph

Nigel Farage declared earlier this year that ‘economics might be bigger than immigration for us at the next election’. Most people at Westminster didn’t take him particularly seriously. After all, Reform UK is all about immigration, right? Westminster didn’t take Farage seriously. After all, Reform UK is all about immigration, right? When Farage based his local election

Also in Society

From the Magazine

Latest

Comments

Join the debate for just £1 a month

Be part of the conversation with other Spectator readers by getting your first three months for £3.

Already a subscriber? Log in