Staying Power (opens in new tab)

Ho-fung Hung in Sidecar: Every time the global economy plunges into turmoil, talk of the coming end of dollar hegemony resurfaces. In March 1978 – in the wake of the collapse of the Bretton Woods system and amid stagflation in the United States – the New York Times published an op-ed by Soviet economist Stanislav M. Menshikov, ‘A…