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>The only unique thing about America is free markets This is less unique than the dollar being the dominant reserve currency and dominant currency for settling

>The only unique thing about America is free markets This is less unique than the dollar being the dominant reserve currency and dominant currency for settling international trade.

Panzer04 1y ago
And why do you think the dollar is dominant in international trade? You appear to be putting the cart before the horse.
- TeaBrain 1y ago
  >And why do you think the dollar is dominant in international trade? The dollar isn't dominant in international trade because the domestic market is free, like the above user was referencing. The dollar has been the dominant reserve currency and currency for international trade since it overtook the pound for both of those functions in the mid 20th century, which didn't coincide with the US having a free market. Also, I wasn't make any causal relationship in my comment, like you seem to be implying. The fact that USD is the dominant reserve currency and dominant trade currency is unquestionably more unique than having free markets, considering that the US is truly completely unique in both of these regards, while it is not nearly as unique in having a free market.
  - WalterBright 1y ago
    The US was the most prosperous country in the world in the mid 20th century. It was also the free'est market in the world at the time.
    - TeaBrain 1y ago
      Once again, regardless of how free the US market was in the mid-20th century, this is not the most unique privilege about the US today, as you put it in your previous comment. Any country could institute the same market regulations and degrees of freedom as the US, but only one country can have the position of having the dominant reserve currency and dominant trade currency.
      - WalterBright 1y ago
        As countries that have turned to free markets have shown, they enjoy great prosperity from it. The reserve currency thing is irrelevant.
        TeaBrain 1y ago
        >The reserve currency thing is irrelevant. The little "thing" or status of having reserve currency has allowed the US to enjoy lower international borrowing costs than anywhere else in the world. This has immensely benefited the US, in facilitating ease of borrowing with relatively low interest rates and by facilitating lower exchange rate risk in borrowing than any other nation.
- riffraff 1y ago
  Because of the bretton woods accords. And those were not based on free market choices, as the UK would have been just as much free, but it was a devastated economy in a small country.

>The only unique thing about America is free markets This is less unique than the dollar being the dominant reserve currency and dominant currency for settling international trade.

Panzer04 1y ago

And why do you think the dollar is dominant in international trade? You appear to be putting the cart before the horse.

TeaBrain 1y ago
>And why do you think the dollar is dominant in international trade? The dollar isn't dominant in international trade because the domestic market is free, like the above user was referencing. The dollar has been the dominant reserve currency and currency for international trade since it overtook the pound for both of those functions in the mid 20th century, which didn't coincide with the US having a free market. Also, I wasn't make any causal relationship in my comment, like you seem to be implying. The fact that USD is the dominant reserve currency and dominant trade currency is unquestionably more unique than having free markets, considering that the US is truly completely unique in both of these regards, while it is not nearly as unique in having a free market.
- WalterBright 1y ago
  The US was the most prosperous country in the world in the mid 20th century. It was also the free'est market in the world at the time.
  - TeaBrain 1y ago
    Once again, regardless of how free the US market was in the mid-20th century, this is not the most unique privilege about the US today, as you put it in your previous comment. Any country could institute the same market regulations and degrees of freedom as the US, but only one country can have the position of having the dominant reserve currency and dominant trade currency.
    - WalterBright 1y ago
      As countries that have turned to free markets have shown, they enjoy great prosperity from it. The reserve currency thing is irrelevant.
      - TeaBrain 1y ago
        >The reserve currency thing is irrelevant. The little "thing" or status of having reserve currency has allowed the US to enjoy lower international borrowing costs than anywhere else in the world. This has immensely benefited the US, in facilitating ease of borrowing with relatively low interest rates and by facilitating lower exchange rate risk in borrowing than any other nation.
riffraff 1y ago
Because of the bretton woods accords. And those were not based on free market choices, as the UK would have been just as much free, but it was a devastated economy in a small country.