Beyond the dollar
A book on monetary history helps to better understand the economy’s evolution and prospects
Although it is often said that understanding the past helps us to better navigate the present, it is always worth remembering, even when the topic seems far removed from one’s own area of interest. This is the case with monetary economics and economic history, which Kenneth Rogoff discusses in his book, ‘Our Dollar, Your Problem’, just published in Italy under the title ‘L’impero del dollaro’.
In the book, Rogoff — who was chief economist at the International Monetary Fund for many years — argues that the rise of the US currency to global prominence was also due to a certain amount of luck. This is a thesis that certainly needs to be carefully evaluated and verified, but it is based on his direct experience of interacting with policymakers and world leaders. In particular, the author recounts the exceptional post-war period of the ‘greenback’, how it outperformed the Japanese yen, the Soviet rouble and the euro. The book then moves on to discuss the challenges the dollar faces today, from cryptocurrencies and the Chinese yuan to the end of an era of persistently low interest rates and inflation, and political instability and the possible break-up of the dollar bloc.
The narrative begins with a description of past ‘challengers’ to the dollar’s dominance, moves on to explore the situation of the current ‘challenger’ (China), and then considers the implications of ‘living with the dollar’ and the potential for alternative currencies. Indeed, Rogoff believes that the era of the so-called Pax Dollar is by no means destined to last forever. Rogoff analyses how the US currency has managed to maintain its supremacy despite widespread discontent among many countries with the global monetary system. He shows how unchallenged power and an unrivalled set of privileges can lead to a future of increasing financial instability worldwide.
Kenneth Rogoff’s book on economics and monetary history is one that should be read carefully, as doing so can help readers develop a more conscious understanding of reality.
L’impero del dollaro
Kenneth Rogoff
Egea, 2025
A book on monetary history helps to better understand the economy’s evolution and prospects
Although it is often said that understanding the past helps us to better navigate the present, it is always worth remembering, even when the topic seems far removed from one’s own area of interest. This is the case with monetary economics and economic history, which Kenneth Rogoff discusses in his book, ‘Our Dollar, Your Problem’, just published in Italy under the title ‘L’impero del dollaro’.
In the book, Rogoff — who was chief economist at the International Monetary Fund for many years — argues that the rise of the US currency to global prominence was also due to a certain amount of luck. This is a thesis that certainly needs to be carefully evaluated and verified, but it is based on his direct experience of interacting with policymakers and world leaders. In particular, the author recounts the exceptional post-war period of the ‘greenback’, how it outperformed the Japanese yen, the Soviet rouble and the euro. The book then moves on to discuss the challenges the dollar faces today, from cryptocurrencies and the Chinese yuan to the end of an era of persistently low interest rates and inflation, and political instability and the possible break-up of the dollar bloc.
The narrative begins with a description of past ‘challengers’ to the dollar’s dominance, moves on to explore the situation of the current ‘challenger’ (China), and then considers the implications of ‘living with the dollar’ and the potential for alternative currencies. Indeed, Rogoff believes that the era of the so-called Pax Dollar is by no means destined to last forever. Rogoff analyses how the US currency has managed to maintain its supremacy despite widespread discontent among many countries with the global monetary system. He shows how unchallenged power and an unrivalled set of privileges can lead to a future of increasing financial instability worldwide.
Kenneth Rogoff’s book on economics and monetary history is one that should be read carefully, as doing so can help readers develop a more conscious understanding of reality.
L’impero del dollaro
Kenneth Rogoff
Egea, 2025