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Javier Graterol/Grand Central Station, New York
At the close of the Second World War, the United States represented almost a third of world GDP, and an even larger share of manufacturing. The proportion is stark: the UN’s World Economic Report for 1948 breaks a chart of global manufacturing down into two roughly equal halves: the United States and “Other”. At the time, it was unquestionable that if there was to be a global reserve currency, it would be the U.S. dollar. At the Bretton Woods conference in 1944, this was codified into a new system: the dollar was backed by the U.S.’s gold reserves, and every other major currency was backed by its exchangeability into dollars. ....

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