Reddit reviews Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System
We found 2 Reddit comments about Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. Here are the top ones, ranked by their Reddit score.
Haha sorry! I was making a lame joke. Exorbitant Privilege is the title of a book by economist Barry Eichengreen. In it, he argues that the status of the American Dollar as a reserve currency means that it makes its goods and exports more expensive to export and thus damages its economy. In tradeoff, it acquires the ability to essentially borrow as much as it requires to finance its deficits.
In the same sense, I think the status of the United States as the sole superpower is a privilege. It allows the United States to dictate policy around the world as it sees fit with less input from other nations, certainly less than any other superpower in the history of the world has. However, that comes with the implicit responsibility for the state of the world, including what wars break out and how nations interact with one another. As the foremost state in the world order, other states will blame you for whatever the outcome of a situation is. Thus you are indeed damned if you do, damned if you don't.
Now I've been out of Polandball for a while, so in return I don't know and am curious what "pulling a De Gaulle" is!
A better financial history type book is the Reinhart & Rogoff one.
As long as you are building a list, let me share my to-read list after I finish reading my current book:
You should also read Piketty's book and Bernanke's book but I didn't list them since I have read them and assume you have read them too.
I tend to only read and alternate between history and econ books for my pop/non-academic reading. I've only listed the pop-econ books since I assume that's what you are after.
Has anyone else read any of the books on my list? Are some terrible? If so let me know so I can avoid them.