Many explanations I read come down to “almost everyone uses the dollar in international trade”, ” almost all energy is invoiced and paid in dollars” and “almost all international financial flows go through NY one way or the other”, but that just seems a restatement of the fact that the dollar is the reserve currency of the world. My question is: why? How did it end up that way?
In: 19
Because after WW2 the US economy represent 50% of the entire world’s economy and was completely dominant with no real competition. Obviously as competitors like the EU and more importantly China have arisen the dollars grip on world commerce has begun to decrease.
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