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The contemporary "dollar standard" is a looser affair.
The dollar standard is a more liberal system.
Before the era of the dollar standard, he points out, reserves were in a handful of currencies.
Many of America's creditors, Mr McKinnon argues, have a stake in preserving the dollar standard, whatever the euro's potential charms.
It might join a consensus to adjust, if not abandon, the de facto dollar standard in the region.
For much the same reason, China's move has been backed by Russia, Brazil, India and other developing countries that have long chafed at the de facto dollar standard.
Similar(41)
"That's getting replaced with the new twenty-four-thousand-dollar standard deduction".
As a result many of the world's most vibrant economies in effect shadow the dollar, in an arrangement that has been dubbed "Bretton Woods 2".History lessonsThe similarities between this quasi-dollar standard and the original Bretton Woods system mean that many of today's problems have historical parallels.
The thermostat looks like a round iPhone and costs two hundred and fifty dollars; standard thermostats cost half that much.
The price may sound a bit low by the billion-dollar standards of the larger players in the military-industrial complex.
Getting around the terminals can be a test of patience and endurance with long walks, but it's worth a hike to get a Cuban sandwich and coffee at Versailles, the airport branch of the popular Little Havana restaurant, in Terminal D. The US dollar is standard, but international travellers will have no problem using credit cards in almost all shops, restaurants and hotels.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com