The Dollar’s secret history
by Benjamin on January 13, 2009
As is customary during US presidential election seasons, the debate between free trade and protectionism rages in the coming election—this time in the guise of the debate on “outsourcing.” As in the past, most US economists are taking the line that free trade is the
“straight and narrow path” that we must all tread, despite the siren calls of the protectionist.
Interestingly, few of these economists seem to realize that the US is actually not the home of free trade it pretends to be. In the nineteenth century, when most US industries lagged behind their European counterparts, the country took the view that free trade was not in its national interest. This is clear from looking at American currency, which carries the pictures of politicians whose policies would have come under severe criticism from the World Bank and the WTO.
Chang, Ha-Joon. 2004. “The Secret History of US Currency: Historical Double Standards in International Rules.” New School Economic Review 1(1): 73-74
Tags: Currency, Development, Dollar, History
