The context for America’s economic showdown with China is a monetary system that worked once but no longer does
“THERE IS no longer any need for the United States to compete with one hand tied behind her back,” Richard Nixon, then America’s president, told his countrymen in August 1971. With that speech, he heralded the end of the postwar economic order, suspending the convertibility of the dollar into gold and putting up tariffs on imports. The survival of today’s order, which emerged from the chaos that followed, now looks increasingly in doubt.
The present system, often described as Bretton Woods II, slowly emerged from the ashes of the postwar order. The dollar’s dominance did not end. Much of the world’s commerce trades in greenbacks. Changes in America’s economic policy still echo around the world. A stronger dollar depresses global trade, research suggests, while tighter American monetary policy straitens global financial conditions.
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