Chartbook 310 The shock of the new: Dollar dominance and modern monetary macro in the 1920s. (Hegemony note 5)

I’ve been arguing in this series of “hegemony notes” that the question of world order in the 20th century, the question of hegemony, is misunderstood if it is seen as part of a deep historical sequence that stretches back to the Middle Ages. Instead, I am arguing that it was a radically new problem, posed for the first time by the explosion of inter-imperial competition and violence that culminated in World War I. The result after 1918 was the struggle to shape a new type of great power relations.

Adam Tooze

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