Decline of the Dollar’s Supremacy

Paul Einzig

Chapter Chapter Five in The Destiny of the Dollar, 1972, pp 34-41 from Palgrave Macmillan

Abstract: Abstract Owing to the immense economic, political and military power and prestige of the United States the decline of the dollar’s supremacy was not widely realised for a long time after her financial power passed its peak. The world had grown used to look upon the dollar as the symbol of financial strength as a matter of course. Until 15 August 1971 there was no sudden shock comparable with the devaluation of sterling in 1967, which would have made the world realise the fundamental change in the situation. In fact, the dollar was able to live on its old reputation for a long time. Its decline was a very gradual insidious process, and even many of those who ought to have known better were reluctant to believe that it had ceased to have the strength for dominating the financial world.

Keywords: Central Bank; Reserve Currency; Military Expenditure; Financial Strength; Financial Power (search for similar items in EconPapers)
Date: 1972
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-01445-3_5

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349014453

DOI: 10.1007/978-1-349-01445-3_5

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().