The US Dollar as the Global Reserve Currency: Implications for US Hegemony

Thomas Costigan, null; Drew Cottle, null; Angela Keys, null

doi:10.13169/worlrevipoliecon.8.1.0104

ScienceOpen: research and publishing network

For Publishers

For Researchers

Blog
About

Search
Advanced search

1,804

views

recommends

If you have found this article useful and you think it is important that researchers across the world have access, please consider donating, to ensure that this valuable collection remains Open Access.

The World Review of Political Economy is published by Pluto Journals, an Open Access publisher. This means that everyone has free and unlimited access to the full-text of all articles from our international collection of social science journals. Furthermore Pluto Journals authors don’t pay article processing charges (APCs).

scite_

Smart Citations

Citing PublicationsSupportingMentioningContrasting

View Citations

See how this article has been cited at scite.ai

scite shows how a scientific paper has been cited by providing the context of the citation, a classification describing whether it supports, mentions, or contrasts the cited claim, and a label indicating in which section the citation was made.

Header Abstract Content Author and article information References Comments

World Review of Political Economy

Volume 8, Issue 1

Record: found
Abstract: found
Article: found

Is Open Access

The US Dollar as the Global Reserve Currency: Implications for US Hegemony

Published

research-article

Author(s): Thomas Costigan , Drew Cottle , Angela Keys

Publication date (Print): Spring 2017

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: dollar, hegemony, United States, world system, China

Bookmark

Abstract

Content

Author and article information

Journal

Journal ID (doi): 10.13169

Journal ID (publisher-id): worlrevipoliecon

Title: World Review of Political Economy

Publisher: Pluto Journals

ISSN (Print): 2042891X

ISSN (Electronic): 20428928

Publication date (Print): Spring 2017

Volume: 8

Issue: 1

Pages: 104-122

Article

Publisher ID: worlrevipoliecon.8.1.0104

DOI: 10.13169/worlrevipoliecon.8.1.0104

SO-VID: 922c72c6-6a74-4696-a7a9-79938cd4724d

License:

All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

History

References

Anderlini, J. 2009. “China Calls for New Reserve Currency.” Financial Times , March 23. Accessed January 10, 2016. http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html#axzz3x0JqwF86.
Anderson, P. 2013. “Imperium.” New Left Review 83: 5–111.
Andrews, D. M., ed. 2006. International Monetary Power . Ithaca: Cornell University Press.
Beeson, M., and R. Higgott. 2005. “Hegemony, Institutionalism and US Foreign Policy: Theory and Practice in Comparative Historical Perspective.” Third World Quarterly 26 (7): 1173–88.
Blecker, R. A. 1999. “The Causes of the U.S. Trade Deficit.” Testimony before the Trade Deficit Review Commission, August 19. Accessed January 10, 2016. http://govinfo.library.unt.edu/tdrc/hearings/19aug99/blecker.pdf.
Brzezinski, Z. 1997. The Grand Chessboard: American Primacy and Its Geostrategic Imperatives . New York: Basic Books.
Canzoneri, M., R. Cumby, B. Diba, and D. López-Salido. 2013. “Key Currency Status: An Exorbitant Privilege and an Extraordinary Risk.” Journal of International Money and Finance 37: 371–93.
Capella, R. 2014. “Reserve Currency and Military Power: Lessons from the Sterling Era and the Future of America's Military Might.” The International Relations and Security Network , March 12. Accessed May 11, 2015. http://www.isn.ethz.ch/Digital-Library/Articles/Detail/?id=177476.
Chossudovsky, M. 2015. “BRICS and the Fiction of ‘De-dollarization.’” Global Research , September 23. Accessed January 10, 2016. http://www.globalresearch.ca/brics-and-the-fiction-of-de-dollarization/5441301.
Clark, W. R. 2005. Petrodollar Warfare: Oil, Iraq and the Future of the Dollar . Gabriola Island: New Society Publishers.
Cox, M. 2012. “Power Shifts, Economic Change and the Decline of the West?” International Relations 26 (4): 369–88.
D'arista, J. 2004. “Dollars, Debt, and Dependence: The Case for International Monetary Reform.” Journal of Post Keynesian Economics 26 (4): 557–72.
Donnan, S. 2015. “World Bank Chief Endorses Rival AIIB.” Financial Times , April 7. Accessed January 10, 2016. http://www.ft.com/intl/cms/s/0/c58cbd66-dcee-11e4-975c-00144feab7de.html#axzz3x0JqwF86.
Durden, T. 2014. “Russia Holds ‘De-dollarization Meeting’: China, Iran Willing to Drop USD from Bilateral Trade.” Zero Hedge , May 14. Accessed September 20, 2015. http://www.zerohedge.com/news/2014-05-13/russia-holds-de-dollarization-meeting-china-iran-willing-drop-usd-bilateral-trade.
Eichengreen, B. 2011. Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System . Oxford: Oxford University Press.
El-Gamal, M. A., and A. Jaffe. 2009. Oil, Dollars, Debt, and Crises: The Global Curse of Black Gold . Cambridge: Cambridge University Press.
Engdahl, F. W. 2008. “The Financial Tsunami: The Financial Foundations of the American Century.” Global Research , January 16. Accessed January 10, 2016. http://www.globalresearch.ca/the-financial-tsunami-the-financial-foundations-of-the-american-century/7813.
Engdahl, F. W. 2014. Target: China How Washington and Wall Street Plan to Cage the Asian Dragon . San Diego: Progressive Press.
Escobar, E. 2015. “Eurasia as We (and the U.S.) Knew It Is Dead.” Asia Times , April 18. Accessed January 10, 2016. http://atimes.com/2015/04/eurasia-as-we-and-the-u-s-knew-it-is-dead/.
Fisk, R. 2009. “The Demise of the Dollar.” The Independent , October 6. Accessed January 10, 2016. http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html.
GAO (US General Accounting Office). 1984. “U.S. Role as Contracting Agent for the U.S.-Saudi Arabian Joint Commission on Economic Cooperation.” Report to the Chairman, Subcommittee on Commerce, Consumer and Monetary Affairs, Committee on Government Operations, House of Representatives. Accessed January 10, 2016. http://gao.gov/products/NSIAD-84-48.
Golub, P. 2004. “Imperial Politics, Imperial Will and the Crisis of US Hegemony.” Review of International Political Economy 11 (4): 763–86.
Hall, S. G., G. Hondroyiannis, P. A. V. B. Swamy, and G. S. Tavlas. 2011. “Bretton-Woods Systems, Old and New, and the Rotation of Exchange-Rate Regimes.” The Manchester School 79 (2): 293–317.
Hooker, H. N., ed. 1956. The Moffat Papers: Selections from the Diplomatic Journals of Jay Pierrepont Moffat . Cambridge, MA: Harvard University Press.
Hudson, M. 1996. “To Play the Hegemon: Fifty Years of US Policy toward the Middle East.” The Middle East Journal 50 (3): 329–43.
Hudson, M. 2003. Super Imperialism: The Origin and Fundamentals of U.S. World Dominance . 2nd ed. London: Pluto Press.
Hudson, M. 2005. Global Fracture: The New International Economic Order . London: Pluto Press.
Johnson, C. 2004. The Sorrows of Empire: Militarism, Secrecy, and the End of the Republic . London: Verso.
Kahn, R. 2015. “A Bank Too Far?” Council on Foreign Relations, March 17. Accessed January 10, 2015. http://www.cfr.org/global-governance/bank-too-far/p36290#.
Keohane, R. O. 2005. After Hegemony: Cooperation and Discord in the World Political Economy . Princeton: Princeton University Press.
Kingseed, C. C. 1995. Eisenhower and the Suez Crisis of 1956 . Baton Rouge: Louisiana State University Press.
Koenig, P. 2015. “Russia and China: the Dawning of a New Monetary System?” Global Research , January 9. Accessed January 10, 2016. http://www.globalresearch.ca/russia-and-china-the-dawning-of-a-new-monetary-system/5423637.
Koenig, P. 2016. “The Collapse of the Western Fiat Monetary System May Have Begun.” Information Clearing House , April 24. Accessed April 25, 2016. http://www.informationclearinghouse.info/article44524.htm.
Kolko, J., and G. Kolko. 1972. The Limits of Power: The World and United States Foreign Policy, 1945–1954 . New York: Harper & Row.
Kotlikoff, L. J. 2006. “Is the United States Bankrupt?” Federal Reserve Bank of St. Louis Review 88 (4): 235–49.
Layne, C. 2009. “The Waning of US Hegemony—Myth or Reality? A Review Essay.” International Security 34 (1): 147–72.
Liu, H. C. K. 2002. “US Dollar Hegemony Has Got to Go.” Asia Times , April 11. Accessed January 10, 2016. http://www.atimes.com/global-econ/DD11Dj01.html.
Liu, W., and L. Deng. 2012. “Who Is the Exchange Rate Manipulator: China or America?” World Review of Political Economy 3 (3): 344–53.
Mabro, R. 2008. “On the Security of Oil Supplies, Oil Weapons, Oil Nationalism and All That.” OPEC Energy Review 32 (1): 1–12.
Marsh, S. 2012. “Anglo—American Relations 1950–51: Three Strikes for British Prestige.” Diplomacy & Statecraft 23 (2): 304–30.
Mastanduno, M. 2009. “System Maker and Privilege Taker: U.S. Power and the International Political Economy.” World Politics 61 (1): 121–54.
Momani, B. 2008. “Gulf Cooperation Council Oil Exporters and the Future of the Dollar.” New Political Economy 13 (3): 293–314.
NIC (National Intelligence Council). 2008. “Global Trends 2025: A Transformed World.” Office of the Director of National Intelligence. Accessed January 10, 2016. http://www.dni.gov/files/documents/Newsroom/Reports%20and%20Pubs/2025_Global_Trends_Final_Report.pdf.
NIC (National Intelligence Council). 2012. “Global Trends 2030: Alternative Worlds.” Office of the Director of National Intelligence. Accessed January 10, 2016. https://globaltrends2030.files.wordpress.com/2012/11/global-trends-2030-november2012.pdf.
Nkomo, J. C. 2010. “Crude Oil Price Hikes and Issues for Energy Security for Southern Africa.” Journal of Energy in Southern Africa 21 (2): 12–16.
Notter, H. A. 1949. Postwar Foreign Policy Preparation, 1939–1945 . Washington: Department of State.
Overholt, W. H., G. Ma, and C. K. Law. 2015. Renminbi Rising: A New Global Monetary System Emerges . Chichester: John Wiley & Sons.
Panitch, L., and S. Gindin. 2012. The Making of Global Capitalism: The Political Economy of American Empire . London: Verso.
Pascali, U. 2014. “Putin Flushes the US Dollar: Russia's Gold Ruble Payments System Delinked from Dollar?” Global Research , March 30. Accessed January 10, 2016. http://www.globalresearch.ca/putin-flushes-the-us-dollar-russias-gold-ruble-payments-system-delinked-from-dollar/5375866.
Pizzi, M. 2014. “Russia, China Sign Deal to Bypass US Dollar.” Al Jazeera America , May 20. Accessed January 10, 2016. http://america.aljazeera.com/articles/2014/5/20/russia-china-bankdeal.html.
Prasad, E. S. 2014. The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance . Princeton: Princeton University Press.
Rickards, J. 2011. Currency Wars: The Making of the Next Global Crisis . New York: Penguin.
Ruppert, M. C. 2002. “The Unseen Conflict—War Plans, Backroom Deals, Leverage and Strategy—Securing What's Left of the Planet's Oil Is and Has Always Been the Bottom Line.” From The Wilderness , October 18. Accessed January 10, 2016. http://www.fromthewilderness.com/free/ww3/101802_the_unseen.html.
Russia Today . 2015. “Putin Says Dump the Dollar.” Russia Today , September 1. Accessed September 4, 2015. https://www.rt.com/business/313967-putin-says-dump-dollar/.
Shoup, L. H. 1975. “Shaping the Postwar World: The Council of Foreign Relations and the United States War Aims during World War II.” Critical Sociology 5: 7–52.
Shoup, L. H., and W. Minter. 1977. Imperial Brain Trust: The Council on Foreign Relations and United States Foreign Policy . New York: Monthly Review Press.
Stokes, D. 2014. “Achilles' Deal: Dollar Decline and US Grand Strategy after the Crisis.” Review of International Political Economy 21 (5): 1071–94.
Strange, S. 1987. “The Persistent Myth of Lost Hegemony.” International Organization 41 (4): 551–74.
Swanson, D. 2011. “Libya: Another Neocon War.” The Guardian , April 22. Accessed April 26, 2016. http://www.theguardian.com/commentisfree/cifamerica/2011/apr/21/libya-muammar-gaddafi.
Tétreault, M. A. 2008. “The Political Economy of Middle Eastern Oil.” in Understanding the Contemporary Middle East , edited by J. Schwedler and D. J. Gerner, 255–79. Boulder: Lynne Rienner Publishers.
Triffin, R. 1960. Gold and the Dollar Crisis: The Future of Convertibility . New Haven: Yale University Press.
Varble, D. 2003. The Suez Crisis 1956 . Oxford: Osprey Publishing.
Vasudevan, R. 2008. “Finance, Imperialism, and the Hegemony of the Dollar.” Monthly Review 59 (11): 35–50.
Venkataramani, M. S. 1960. “Oil and U.S. Foreign Policy during the Suez Crisis 1956–1957.” International Studies 2 (2): 105–52.
Wallerstein, I. 2006. “The Curve of American Power.” New Left Review 40: 77–94.
Wallerstein, I. 2011. The Modern World-System, I: Capitalist Agriculture and the Origins of the European World-Economy in the Sixteenth Century . Rev. ed. San Francisco: University of California Press.
Wallerstein, I. M. 1991. Geopolitics and Geoculture: Essays on the Changing World-system . Cambridge: Cambridge University Press.
Yergin, D. 2011. The Quest: Energy, Security and the Remaking of the Modern World . New York: Penguin Books.
Zhou, X. 2009. “Reform the International Monetary System.” BIS Review 41/2009, March 23. Accessed January 10, 2016. http://www.bis.org/review/r090402c.pdf.

Comments

Comment on this article

[1] Anderlini, J. 2009. “China Calls for New Reserve Currency.” Financial Times , March 23. Accessed January 10, 2016. http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html#axzz3x0JqwF86.

[2] Anderson, P. 2013. “Imperium.” New Left Review 83: 5–111.

[3] Andrews, D. M., ed. 2006. International Monetary Power . Ithaca: Cornell University Press.

[4] Beeson, M., and R. Higgott. 2005. “Hegemony, Institutionalism and US Foreign Policy: Theory and Practice in Comparative Historical Perspective.” Third World Quarterly 26 (7): 1173–88.

[5] Blecker, R. A. 1999. “The Causes of the U.S. Trade Deficit.” Testimony before the Trade Deficit Review Commission, August 19. Accessed January 10, 2016. http://govinfo.library.unt.edu/tdrc/hearings/19aug99/blecker.pdf.

[6] Brzezinski, Z. 1997. The Grand Chessboard: American Primacy and Its Geostrategic Imperatives . New York: Basic Books.

[7] Canzoneri, M., R. Cumby, B. Diba, and D. López-Salido. 2013. “Key Currency Status: An Exorbitant Privilege and an Extraordinary Risk.” Journal of International Money and Finance 37: 371–93.

[8] Capella, R. 2014. “Reserve Currency and Military Power: Lessons from the Sterling Era and the Future of America's Military Might.” The International Relations and Security Network , March 12. Accessed May 11, 2015. http://www.isn.ethz.ch/Digital-Library/Articles/Detail/?id=177476.

[9] Chossudovsky, M. 2015. “BRICS and the Fiction of ‘De-dollarization.’” Global Research , September 23. Accessed January 10, 2016. http://www.globalresearch.ca/brics-and-the-fiction-of-de-dollarization/5441301.

[10] Clark, W. R. 2005. Petrodollar Warfare: Oil, Iraq and the Future of the Dollar . Gabriola Island: New Society Publishers.

[11] Cox, M. 2012. “Power Shifts, Economic Change and the Decline of the West?” International Relations 26 (4): 369–88.

[12] D'arista, J. 2004. “Dollars, Debt, and Dependence: The Case for International Monetary Reform.” Journal of Post Keynesian Economics 26 (4): 557–72.

[13] Donnan, S. 2015. “World Bank Chief Endorses Rival AIIB.” Financial Times , April 7. Accessed January 10, 2016. http://www.ft.com/intl/cms/s/0/c58cbd66-dcee-11e4-975c-00144feab7de.html#axzz3x0JqwF86.

[14] Durden, T. 2014. “Russia Holds ‘De-dollarization Meeting’: China, Iran Willing to Drop USD from Bilateral Trade.” Zero Hedge , May 14. Accessed September 20, 2015. http://www.zerohedge.com/news/2014-05-13/russia-holds-de-dollarization-meeting-china-iran-willing-drop-usd-bilateral-trade.

[15] Eichengreen, B. 2011. Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System . Oxford: Oxford University Press.

[16] El-Gamal, M. A., and A. Jaffe. 2009. Oil, Dollars, Debt, and Crises: The Global Curse of Black Gold . Cambridge: Cambridge University Press.

[17] Engdahl, F. W. 2008. “The Financial Tsunami: The Financial Foundations of the American Century.” Global Research , January 16. Accessed January 10, 2016. http://www.globalresearch.ca/the-financial-tsunami-the-financial-foundations-of-the-american-century/7813.

[18] Engdahl, F. W. 2014. Target: China How Washington and Wall Street Plan to Cage the Asian Dragon . San Diego: Progressive Press.

[19] Escobar, E. 2015. “Eurasia as We (and the U.S.) Knew It Is Dead.” Asia Times , April 18. Accessed January 10, 2016. http://atimes.com/2015/04/eurasia-as-we-and-the-u-s-knew-it-is-dead/.

[20] Fisk, R. 2009. “The Demise of the Dollar.” The Independent , October 6. Accessed January 10, 2016. http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html.

[21] GAO (US General Accounting Office). 1984. “U.S. Role as Contracting Agent for the U.S.-Saudi Arabian Joint Commission on Economic Cooperation.” Report to the Chairman, Subcommittee on Commerce, Consumer and Monetary Affairs, Committee on Government Operations, House of Representatives. Accessed January 10, 2016. http://gao.gov/products/NSIAD-84-48.

[22] Golub, P. 2004. “Imperial Politics, Imperial Will and the Crisis of US Hegemony.” Review of International Political Economy 11 (4): 763–86.

[23] Hall, S. G., G. Hondroyiannis, P. A. V. B. Swamy, and G. S. Tavlas. 2011. “Bretton-Woods Systems, Old and New, and the Rotation of Exchange-Rate Regimes.” The Manchester School 79 (2): 293–317.

[24] Hooker, H. N., ed. 1956. The Moffat Papers: Selections from the Diplomatic Journals of Jay Pierrepont Moffat . Cambridge, MA: Harvard University Press.

[25] Hudson, M. 1996. “To Play the Hegemon: Fifty Years of US Policy toward the Middle East.” The Middle East Journal 50 (3): 329–43.

[26] Hudson, M. 2003. Super Imperialism: The Origin and Fundamentals of U.S. World Dominance . 2nd ed. London: Pluto Press.

[27] Hudson, M. 2005. Global Fracture: The New International Economic Order . London: Pluto Press.

[28] Johnson, C. 2004. The Sorrows of Empire: Militarism, Secrecy, and the End of the Republic . London: Verso.

[29] Kahn, R. 2015. “A Bank Too Far?” Council on Foreign Relations, March 17. Accessed January 10, 2015. http://www.cfr.org/global-governance/bank-too-far/p36290#.

[30] Keohane, R. O. 2005. After Hegemony: Cooperation and Discord in the World Political Economy . Princeton: Princeton University Press.

[31] Kingseed, C. C. 1995. Eisenhower and the Suez Crisis of 1956 . Baton Rouge: Louisiana State University Press.

[32] Koenig, P. 2015. “Russia and China: the Dawning of a New Monetary System?” Global Research , January 9. Accessed January 10, 2016. http://www.globalresearch.ca/russia-and-china-the-dawning-of-a-new-monetary-system/5423637.

[33] Koenig, P. 2016. “The Collapse of the Western Fiat Monetary System May Have Begun.” Information Clearing House , April 24. Accessed April 25, 2016. http://www.informationclearinghouse.info/article44524.htm.

[34] Kolko, J., and G. Kolko. 1972. The Limits of Power: The World and United States Foreign Policy, 1945–1954 . New York: Harper & Row.

[35] Kotlikoff, L. J. 2006. “Is the United States Bankrupt?” Federal Reserve Bank of St. Louis Review 88 (4): 235–49.

[36] Layne, C. 2009. “The Waning of US Hegemony—Myth or Reality? A Review Essay.” International Security 34 (1): 147–72.

[37] Liu, H. C. K. 2002. “US Dollar Hegemony Has Got to Go.” Asia Times , April 11. Accessed January 10, 2016. http://www.atimes.com/global-econ/DD11Dj01.html.

[38] Liu, W., and L. Deng. 2012. “Who Is the Exchange Rate Manipulator: China or America?” World Review of Political Economy 3 (3): 344–53.

[39] Mabro, R. 2008. “On the Security of Oil Supplies, Oil Weapons, Oil Nationalism and All That.” OPEC Energy Review 32 (1): 1–12.

[40] Marsh, S. 2012. “Anglo—American Relations 1950–51: Three Strikes for British Prestige.” Diplomacy & Statecraft 23 (2): 304–30.

[41] Mastanduno, M. 2009. “System Maker and Privilege Taker: U.S. Power and the International Political Economy.” World Politics 61 (1): 121–54.

[42] Momani, B. 2008. “Gulf Cooperation Council Oil Exporters and the Future of the Dollar.” New Political Economy 13 (3): 293–314.

[43] NIC (National Intelligence Council). 2008. “Global Trends 2025: A Transformed World.” Office of the Director of National Intelligence. Accessed January 10, 2016. http://www.dni.gov/files/documents/Newsroom/Reports%20and%20Pubs/2025_Global_Trends_Final_Report.pdf.

[44] NIC (National Intelligence Council). 2012. “Global Trends 2030: Alternative Worlds.” Office of the Director of National Intelligence. Accessed January 10, 2016. https://globaltrends2030.files.wordpress.com/2012/11/global-trends-2030-november2012.pdf.

[45] Nkomo, J. C. 2010. “Crude Oil Price Hikes and Issues for Energy Security for Southern Africa.” Journal of Energy in Southern Africa 21 (2): 12–16.

[46] Notter, H. A. 1949. Postwar Foreign Policy Preparation, 1939–1945 . Washington: Department of State.

[47] Overholt, W. H., G. Ma, and C. K. Law. 2015. Renminbi Rising: A New Global Monetary System Emerges . Chichester: John Wiley & Sons.

[48] Panitch, L., and S. Gindin. 2012. The Making of Global Capitalism: The Political Economy of American Empire . London: Verso.

[49] Pascali, U. 2014. “Putin Flushes the US Dollar: Russia's Gold Ruble Payments System Delinked from Dollar?” Global Research , March 30. Accessed January 10, 2016. http://www.globalresearch.ca/putin-flushes-the-us-dollar-russias-gold-ruble-payments-system-delinked-from-dollar/5375866.

[50] Pizzi, M. 2014. “Russia, China Sign Deal to Bypass US Dollar.” Al Jazeera America , May 20. Accessed January 10, 2016. http://america.aljazeera.com/articles/2014/5/20/russia-china-bankdeal.html.

[51] Prasad, E. S. 2014. The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance . Princeton: Princeton University Press.

[52] Rickards, J. 2011. Currency Wars: The Making of the Next Global Crisis . New York: Penguin.

[53] Ruppert, M. C. 2002. “The Unseen Conflict—War Plans, Backroom Deals, Leverage and Strategy—Securing What's Left of the Planet's Oil Is and Has Always Been the Bottom Line.” From The Wilderness , October 18. Accessed January 10, 2016. http://www.fromthewilderness.com/free/ww3/101802_the_unseen.html.

[54] Russia Today . 2015. “Putin Says Dump the Dollar.” Russia Today , September 1. Accessed September 4, 2015. https://www.rt.com/business/313967-putin-says-dump-dollar/.

[55] Shoup, L. H. 1975. “Shaping the Postwar World: The Council of Foreign Relations and the United States War Aims during World War II.” Critical Sociology 5: 7–52.

[56] Shoup, L. H., and W. Minter. 1977. Imperial Brain Trust: The Council on Foreign Relations and United States Foreign Policy . New York: Monthly Review Press.

[57] Stokes, D. 2014. “Achilles' Deal: Dollar Decline and US Grand Strategy after the Crisis.” Review of International Political Economy 21 (5): 1071–94.

[58] Strange, S. 1987. “The Persistent Myth of Lost Hegemony.” International Organization 41 (4): 551–74.

[59] Swanson, D. 2011. “Libya: Another Neocon War.” The Guardian , April 22. Accessed April 26, 2016. http://www.theguardian.com/commentisfree/cifamerica/2011/apr/21/libya-muammar-gaddafi.

[60] Tétreault, M. A. 2008. “The Political Economy of Middle Eastern Oil.” in Understanding the Contemporary Middle East , edited by J. Schwedler and D. J. Gerner, 255–79. Boulder: Lynne Rienner Publishers.

[61] Triffin, R. 1960. Gold and the Dollar Crisis: The Future of Convertibility . New Haven: Yale University Press.

[62] Varble, D. 2003. The Suez Crisis 1956 . Oxford: Osprey Publishing.

[63] Vasudevan, R. 2008. “Finance, Imperialism, and the Hegemony of the Dollar.” Monthly Review 59 (11): 35–50.

[64] Venkataramani, M. S. 1960. “Oil and U.S. Foreign Policy during the Suez Crisis 1956–1957.” International Studies 2 (2): 105–52.

[65] Wallerstein, I. 2006. “The Curve of American Power.” New Left Review 40: 77–94.

[66] Wallerstein, I. 2011. The Modern World-System, I: Capitalist Agriculture and the Origins of the European World-Economy in the Sixteenth Century . Rev. ed. San Francisco: University of California Press.

[67] Wallerstein, I. M. 1991. Geopolitics and Geoculture: Essays on the Changing World-system . Cambridge: Cambridge University Press.

[68] Yergin, D. 2011. The Quest: Energy, Security and the Remaking of the Modern World . New York: Penguin Books.

[69] Zhou, X. 2009. “Reform the International Monetary System.” BIS Review 41/2009, March 23. Accessed January 10, 2016. http://www.bis.org/review/r090402c.pdf.

World Review of Political Economy

The US Dollar as the Global Reserve Currency: Implications for US Hegemony

Journal

Article

History

Categories

Comment on this article