Who can dethrone the US dollar?

There is little conflict between dollar domination and Indian success

The United States (US) was at the upper edge in per capita gross domestic product (GDP) among the nations of the world by 1820. By 1920 it had the biggest GDP of the world. Prior to Nazi rule in Germany, there were no capital controls anywhere, so the size of the US financial system attracted investing and fund-raising activities from across the world. There is a lot of hand-wringing about the domination of the dollar and attempts to “dethrone” it, but any big decline in the role of the currency is unlikely. This shapes how we think about the place for the rupee and the place for India in the global economy.

The United States (US) was at the upper edge in per capita gross domestic product (GDP) among the nations of the world by 1820. By 1920 it had the biggest GDP of the world. Prior to Nazi rule in Germany, there were no capital controls anywhere, so the size of the US financial system attracted investing and fund-raising activities from across the world. There is a lot of hand-wringing about the domination of the dollar and attempts to “dethrone” it, but any big decline in the role of the currency is unlikely. This shapes how we think about the place for the rupee and the place for India in the global economy.