A term coined by Henry C.K. Liu to describe the US dollar in the global economy is Dollar hegemony;it is a form of monetary hegemony. The term was popularized by Liu in a widely circulated and quoted article "Dollar Hegemony has to go" in Asia Times on April 11, 2002. Then after that this article was quoted by William Clark in January 2003, Immanuel Wallerstein of the Fernand Braudel Center on June 1, 2003, Greg Moses, James Robertson in April 2004 and subsequently by many others.
Definition
A geopolitical phenomenon of the 1990s is described by this term in which the U.S. dollar, a fiat currency, became the primary reserve currency internationally. Dollar hegemony has been allowed by three developments allowed to emerge over a span of two decades.
