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How the US dollar came to dominate the world
The Forum
Feb 15, 2025

From Colombia to Vietnam and beyond, the US dollar is the currency in which much of international business is conducted, and which many people outside the US use as a means of exchange and a store of value. So how did a country with just over 4 percent of the world’s population come to dominate global banking and trade? When the position of the US dollar as the linchpin of global commerce was confirmed at the end of the Second World War, not everyone was happy with this state of affairs: the French soon spoke of the Americans having an ‘exorbitant privilege’. Did they have a point? And what of the more recent efforts to replace the Greenback with other currencies? Iszi Lawrence follows the history of the US dollar from its origins to today with H W Brands Jr., Professor of history at the University of Texas at Austin; Barry Eichengreen, Professor of economics and political science at the University of California, Berkeley; Carola Frydman, Professor of finance at the Kellogg School of Management, Northwestern University in Evanston; Perry Mehrling, Professor of international political economy at the Pardee School of Global Studies, Boston University and World Service listeners.

[Photo: A roll of US dollar notes. Credit: Getty Images]

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The unfolding history of the magazine

When magazines first emerged, they were the preserve of an elite who could afford to pay for them. But as time went on, the cost of paper fell, printing technology became more streamlined, literacy improved and would-be publishers spotted an opportunity to connect with audiences hungry for information and entertainment.

Magazines found a place to appeal to all types of interest, in the same way that the internet does today. In their heyday they attracted some of the best writers such as Charles Dickens and Ernest Hemingway, sometimes acting as a vehicle to establish literary careers. Later magazines were to become the go-to place for quality photography and design.

Falling advertising revenues have largely contributed to the decline of printed magazines, as well as editions moving online. However some titles have found a way of reinventing themselves in the 21st century.

Iszi Lawrence is joined by a panel of guests to discuss the rise and evolution of magazines. Usha Raman is a professor in the Department of Communication at the University of Hyderabad in India, who began her career in magazines, writing and editing a variety of publications. She's also the owner and editor of a specialist magazine for teachers.

Samir Husni is the founder and director of the Magazine Media Centre in the United States. He's also written many books, including Inside the Great Minds of Magazine Makers.

And Tim Holmes is a former magazine editor, writer and until his retirement, leader for many years of the magazine journalism course at the University of Cardiff in the UK. We'll also hear from a variety of Forum listeners from around the world, who share their thoughts on magazines.

Produced by Fiona Clampin for BBC World Service.

(Photo: Newspapers and magazines on display at a newsstand on January 31, 2010 in Khan Market New Delhi, India. Photo by Rajkumar/Mint via Getty Images)


48min 36sec




How the US dollar came to dominate the world

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