Jonathan Ira Levy for PS On Point: The Pitfalls of Dollar Hegemony

Jonathan Ira Levy shows why no modern national economy, least of all the United States, can be understood in isolation. [View this message in a web browser]( [PS On Point]( APRIL 14, 2023 The past half-century of US and global economic history is a massive topic that cannot possibly be covered in any single telling. Nonetheless, writes the University of Chicago's Jonathan Ira Levy, any adequate account must include the global preeminence of the US dollar as a means of payment and store of value linking all economies together. [Read more](. [PS Longer Reads: The Pitfalls of Dollar Hegemony]( [The Pitfalls of Dollar Hegemony]( By Jonathan Ira Levy Although Keynesian economics has withstood repeated challenges and updated itself over the decades, it would be a mistake to conclude that it is sufficient for making sense of contemporary economic change. For that, we need to resurrect an alternative perspective on what money does and how it works. [Read more]( [PS. Save 25% on a new subscription.]( [PS Big Picture: Into the AI Abyss?]( [Into the AI Abyss?]( with Slavoj Žižek, Daron Acemoglu, Diane Coyle, and more People around the world have been feverishly engaging with OpenAI’s ChatGPT for months, yet we have barely scratched the surface of what generative artificial intelligence can do. Its capabilities are widely expected to transform our economies and societies, though there is far less agreement that the changes will be for the better. [Read more]( [PS Say More: Pranab Bardhan on India, China, universal basic income, and more]( [Pranab Bardhan on India, China, universal basic income, and more]( Pranab Bardhan highlights the costs of India’s crony oligarchy, assess the sources of China’s economic resilience, makes the case for a UBI in low-income countries, and more. Bardhan is Distinguished Professor Emeritus at the University of California, Berkeley, and the author, most recently, of [A World of Insecurity: Democratic Disenchantment in Rich and Poor Countries](. [Read more]( [PS Longer Reads: In Search of a New Political Economy]( [In Search of a New Political Economy]( By Daron Acemoglu The late-twentieth-century assumption that democracy and markets would ultimately triumph everywhere has since been met by an intellectual backlash that is even more wrong-headed. To chart a better path forward, we will need to revise our thinking in several policy domains at once. [Read more]( [PS. Subscribe to PS Premium to receive your copy of PS Quarterly: Paradigm Shifts]( [Facebook]( [Twitter]( [LinkedIn]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. Receipt of this newsletter does not guarantee rights to re-publish any of its content. This newsletter is a service of [Project Syndicate](. [Change your newsletter preferences](. Follow us on [Facebook]( [Twitter]( and [YouTube](. © Project Syndicate, all rights reserved. [Unsubscribe from all newsletters](.