d) Currency Hegemony

Currency Hegemony is the term used to describe the dominant role of the American dollar in global finance. The U.S. dollar serves as the primary reserve currency for many countries and international institutions, playing a central role in international trade and financial transactions. This dominance allows the United States significant influence in the global economy and enables it to borrow at lower costs. The status of the dollar as a reserve currency is rooted in the size and strength of the U.S. economy and has been a key aspect of international financial systems since the mid-20th century.