Michael Hudson has posted an article Moving Beyond Dollar Hegemony.
Understanding of the dollar’s world role is dominated by the ideas of ‘dollar hegemony’ and ‘US hegemony’. In this paper, based on our extensive past work, we reveal how these ideas are ideologies, not theories.
The article links to the paper Beyond the Dollar Creditocracy: A Geopolitical Economy by Radhika Desai and Michael Hudson.
However, Professor Summers misses the point. The twentieth century, from our point of view, was actually more an attempted American Century than an accomplished one (Desai 2013) and the shift away from it is looking more certain and decisive than the ‘ifs’ in his assessment let on. The pandemic is less a hinge than an acceleration of the decline of US power based on financialised neoliberal capitalism (Desai 2020a). The structure of world domination that the US had sought to foist on the world in recent decades is breaking down. The US never succeeded; the structure was too unstable and volatile to work. Therefore, one cannot blame the pandemic for reversing even its limited successes. The reversal is rooted in a geopolitical economic earthquake whose rumblings date back decades. They have loosened more and more countries from the contradictory and crisis-prone structures of US domination.