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After Dollar Hegemony

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I have a short piece at the Diplomat that gives some thought to Dollar dominance…

A different and perhaps more important question involves the stability of the global financial system in the wake of U.S. hegemony. A generation of international relations scholars in the United States studied, somewhat prematurely, the question of whether the constellation of norms and institutions established by the United States and its allies during the Cold War could persist after U.S. hegemony faded. There is a strong case for doubt as to whether financial institutions are of the same sort as other kinds of international organizations, due to the need for careful management by central banks with a degree of independence from their governments. Whether globalization can survive a multipolar financial system remains uncertain, and the question will likely preoccupy bankers and other policymakers over the next few decades.

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