Mona Ali, Dominik Leusder

Iran’s blockade of the Strait of Hormuz, through which a quarter of the world’s seaborne oil passes, has raised a vital question: Does this crisis herald the end of American hegemony – and mark the beginning of the struggle over who or what will replace it? Much of that devolves upon the US dollar, the world’s reserve csurrency, its power for long entwined with America’s dominance of oil and other hydrocarbon markets. The economic historians Ali and Leusder discuss the operations and future of the global dollar system against the current geopolitical backdrop.

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