Special Edition: De-Dollarisation and the New Monetary Order
Multipolarity
The Historical Context of Economic Relations in the 1960s
In the 1960s, the US faced economic challenges with devalued currency and increasing expenditures. The Bretton Woods system, established due to US dominance, placed the burden of stabilizing economies on deficit nations. However, the US itself implemented large tax cuts, welfare expansions, and incurred major expenses from the Vietnam War. These factors led to a cycle of economic instability.
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