The Global Hegemony of the U.S. Dollar, a Brief History
Since the United States entered into the Second World War considerably late, it did not suffer as much damage or casualties as other countries had. It also helped that its geographical location kept its cities from suffering the infrastructural damage seen across cities in Europe and Asia. This, in part, helped the American Empire to replace the British Empire (although Britain is still an imperial power) as the global hegemon, especially when the American economy took less time to recover in comparison. And so began the all-conquering march of the U.S. Dollar, undoubtedly the American Empire’s most powerful expression of its global domination and global monopoly. As per requirements during WWII, most of Europe under a war economy had to import its consumer goods. The United States, which had yet to enter into the War, was readily available to trade consumer goods with Europe for gold; and it had done the same in the First World War, to which it was also a latecomer. In other word...