Rethinking the U.S. dollar’s dominance: Time for a new arrangement? [Video]

Radhika Desai, director of the Geopolitical Economy Research Group, discusses the problematic history of the U.S. dollar as the world’s currency, especially since 1971. She highlights how reliance on financial transactions that don’t support the productive economy has led to regular financial crises and global economic strain. Desai suggests that the solution isn’t to replace the U.S. dollar with another country’s currency but to explore different arrangements, similar to the suggestion by John Maynard Keynes at the Bretton Woods conference that no single country’s policies should dominate the global economy.