Herman Mark Schwartz writes on the dollar and empire for Phenomenal World

The economic historian writes on how the US dollar shapes both geopolitical power and wealth inequality nationwide.

Herman Mark Schwartz, economic historian and Professor of Politics at the University of Virginia, wrote on “The Dollar and Empire” for JFI’s independent publication, Phenomenal World. The piece follows and responds to a widely-circulated analysis of dollar hegemony by economists Yakov Feygin and Dominik Leusder. Schwartz’s piece focuses on the geopolitical aspects of the dollar’s dominance in world markets. From the piece:

“Two flaws in traditional histories of the nineteenth century European empires lead them to misunderstand the structure of empire and in particular the relationship between imperial centers and peripheries. Examining these missteps clarifies the global role of the British pound then, and the US dollar now.”

Thank you to Schwartz for the compelling historical analysis; read the full piece here.