The Dollar’s Demise Has Been Overstated

In Fortune, BCG Institute’s Philipp Carlsson-Szlezak, Nikolaus Lang, and Paul Swartz write that while the US dollar’s downfall has long been forecast, it continues to hold advantages in areas such as geopolitical weight, legal and political stability, and capital mobility. “Instead of analyzing the dollar’s shortcomings, we need to see reserve currency primacy as a demanding competition that imposes burdens few are willing to carry,” they explain. “As it turns out, you don’t have to be pretty to win a beauty contest—just prettier.”