The Dollar’s Full-Spectrum Dominance
Predictions about the greenback’s demise fail to appreciate the forces behind its continued supremacy. Positive feedback across official and private functions, the network effects associated with incumbency, and financial opportunism discourage collective action against the status quo.
TORONTO – Many experts believe that the US dollar’s global hegemony, which has endured for nearly 80 years, is finally coming to an end. This outcome is not impossible: economic crises, increased domestic polarization, and strong geopolitical headwinds could indeed culminate in the currency’s meltdown. But it is not likely.