HIST350 - History of the International Monetary System and the US Dollar

The course will cover the modern evolution of the international monetary system going all the way back to the era when sterling became the leading international currencies. It is arranged thematically and chronologically both. The lessons and readings will introduce students to the principal evolutions of the international monetary system and at the same time, it will give them an understanding of regimes, their mechanics and the geopolitical economies behind systemic shifts. Students need not have an economic background but must be prepared to read about exchange rates (and world politics). Special focus on: The early modern international monetary system. How Amsterdam and London captured the Spanish treasure. Beyond the West (Ottoman Empire, India, China). The Napoleonic wars and the rise of sterling. Hong-Kong: Silver, Opium, and the Recycling of Surpluses. The emergence of the Gold Standard. Bimetallism: The US election of 1796. Sterling and Key Currencies before WWI. The First World War and the origins of dollar supremacy. When the dollar displaced sterling (1920s). The collapse of the international gold standard (1930s). The Bretton Woods System. The rise and rise of the US dollar. Currency competition (Dollar, Euro, Yuan Renminbi). The meaning of cryptocurrencies.