Book notes: The Unloved Dollar Standard from Bretton Woods to the Rise of China

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Ronald McKinnon, The Unloved Dollar Standard from Bretton Woods to the Rise of China, Oxford University Press, 2012, 240 pages

Ronald McKinnon argues that in spite of its ups and downs, the dollar standard has served the world well and it should be revived, particularly in the context of US-China relations. As usual, he has some challenging, if not always convincing, views on economic orthodoxy.

There are obvious practical advantages in having a generally accepted currency. For about 25 years af