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The US dollar continues to underpin the world economy and is the key currency for medium of international exchange, unit of account (e.g. pricing of oil), and unit of storage (e.g. treasury bills and bonds) and, despite arguments to the contrary, is not in a state of hegemonic decline (cf. Fields & Vernengo, 2011, 2012).
Dollar diplomacy of the United States, particularly during the presidency of William Howard Taft (1909–1913) was a form of American foreign policy to minimize the use or threat of military force and instead further its aims in Latin America and East Asia through the use of its economic power by guaranteeing loans made to foreign countries. [1]
The U.S. dollar is the de facto world currency. [217] The term petrodollar warfare refers to the alleged motivation of U.S. foreign policy as preserving by force the status of the United States dollar as the world's dominant reserve currency and as the currency in which oil is priced. The term was coined by William R. Clark, who has written a ...
Imperialism is the maintaining and extending of power over foreign nations, particularly through expansionism, employing both hard power (military and economic power) and soft power (diplomatic power and cultural imperialism). Imperialism focuses on establishing or maintaining hegemony and a more or less formal empire.
The history of the United States dollar began with moves by the Founding Fathers of the United States of America to establish a national currency based on the Spanish silver dollar, which had been in use in the North American colonies of the Kingdom of Great Britain for over 100 years prior to the United States Declaration of Independence.
consistently condemned militarism, imperialism, and interventionism in foreign policy. They instead advocated world involvement along liberal-internationalist lines. Wilson's appointment of William Jennings Bryan as Secretary of State indicated a new departure, for Bryan had long been the leading opponent of imperialism and militarism and a ...
The U.S. Constitution (Article 1, Section 8, Clause 5) gave the government the power to coin money to establish a mint. The dollar was established as the monetary unit of the U.S. by the Coinage Act of 1792, which also defined its value in terms of gold and silver. The First Bank of the United States was chartered in 1791. It was designed by ...
This affects their ability to engage with each other and defend themselves. Imperialism's all-encompassing power distorts social and economic processes in both imperialist and colonized nations. Therefore, the struggle between imperialism and decolonization is the most important conflict for the future of humanity. [7] [8]