US dollar aaj sabse powerful and default currency hai.
But kya aaj jaante hain ek time par
Dutch ki currently sabse powerful thi, UK ne baad mein overtake kiya corporation system aur
colonization se. Bahut se deshon ki currency ne kaafi accha kiya but koi bhi currency US
dollar jaisa nahin kar paayi.
United States ki economy world war 1 se pehle hi bahut majboot thi, but, dono world war ke
baad, US undisputed dominance saabit ho gayi thi. Dono world war ke baad, US ki economy
doosre number ki economy se 4 guna badi ho gayi thi.
Dono world war ke dauraan, US ne limited capacity mein hi participate kiya but usne wars ka
poora fayada uthaya aur baaki deshon ko Gold ke against military equipment beche. Baad
mein Breton Woods se, US ne apni currency Gold se link kar di aur baaki currenciyo ko Dollar
se fix kar diya.
Jyaada mushkil top pe pahunchna nahin hai but apni position bachani hai. US ne apni
strategy ke chalte, apni position aaj hi nahin aane waale time ke liye bhi surakshit kar li hai.
US defence pe bahut invest karta hai baaki deshon ke mukaable. Aur vo baaki deshon mein
intervene bhi karta hai. US ne kaafi military bases banaye hain aur desho mein aur koi bhi us
se nahin ulajhta hai.
Ye story US ke varchasv ki hai, kaise US ne ye mukaam hasil kiya and kya challenges US abhi
face kar raha hai.
Brief History and Early Rise
Start karte hain thodi se history se.
16th se 18th century ke colonial period ke dauraan, European desh jaise ki England, France,
Spain and Dutch ne apni settlement North Amercia mein bana li thi. American revolution
chaalu hua 1775 mein, freedom haasil karne ke liye. Colonies ne kaafi sangharsh kiya
Congress ke dwaara and continental army bana li, jo ki George Washington ne lead ki. 1776
mein America ko independence mili.
Azaadi ke sau saal se bhi kam time mein, United States ek bahut badi shakti ke tarah
ubharta raha. Ye possible hua tez industrialization se, aur Technological advancements se.
Jis se US ne leadership position bana li steel, oil and agriculture mein. Pennsylvania mein oil
ki discovery ne, US ki growth ko aur tez kar diya. Standard Oil jaisi companiyan, jo John D
Rockfeller ne start ki, usne majority share acquire kar liya.
Doosre industrial revolution ke time pe bahut Innovations hue jaise ki light, phone and
engines. In sab ne industries aur logo ki zindagi kaafi asaan kar di. Electrification se work
hours badh gaye, jis se production badh gaya. Aur doosri taraf automation se factory ki
productivity badh gayi and skilled labor ki zaroorat kam ho gayi.
Rise of American Power
Bahut jaldi hi, US ne poore vishwa pe pakad banani chahi. 1898 ki Spanish amercian war se
US ki badhti power saabit hui. Jo ki US ne Cuba ko Spain se freedom dilaane ke liye ladi. US
ne control le liya Puerto Rico, Guam, and the Philippines ka, jis se Spain ke colonial empire ka
ant saabit hua and US ki badhti sakti bhi saabit ho gayi.
United States ne tezi se poori duniya mein expansion start kiya, strategic and economic gain
ke liye. Ye era, jo ki new imperialism bhi kehlaata hai, start hua duniya mein democracy and
capitalism failaane ke liye.
World war 1 ne US ko ek isolationist desh se ek global economic and military power mein
transform kar diya tha. Allies ko arms supply karne ke liye, US ek main supplier ban gaya tha.
Jis se exports badh gaye, 1914 mein $40 million se 1917 tak $2 billion. 1918 tak, US, Britain
se industrial power mein aage nikal chuka tha and New York city world ka financial cenre ban
chuka tha. US dollar bhi british pound se aage nikal gaya tha.
World War 2 ke dauraan, US world ka number 1 arms manufacturer and economic
powerhouse ban chuka tha. US great depression se ubharne ki koshish kar raha tha.
American industry war ki wajah se depression se bahar aa gaya. War ke khatam hote hue, US
world ke output ka 50% production kar raha tha and poore Vishva mein import kar raha tha.
1945 se 1960 tak, US ki growth bahut tezi se hui aur is samay ko Golden Age of Capitalism
bulaya gaya.
US ne scientific and technological advancements mein lead kiya and cultural and economic
influence poore Vishva pe faila di. Isi se US and soviet union ke beech cold war ki shuruaat
hui.
Cold War Era
1947 se 1991 tak Cold war chala. Ye period mein kaafi tension rahi United States and Soviet
Union aur saath mein use Western and Easter allies ke beech.
Cold war and US Russia rivalry ki aur details jaan ne ke liye mera doosra video jaroor dekhen.
Video ka link description mein diya gaya hai.
1991 mein soviet union ke collapse se Cold war ka annt hua and fir US hi akela superpower
bacha. Is unipolar moment ne US ko visv pe apni power saabit karne allow kiya. Aur US ne
democracy, capitalism and baaki desho mein intervene kiya bina kisi opposition ke.
Dominance of the US Dollar
US ka prabhaav uski currency US Dollar ke prabhaav se seal ho gaya. Teenn key movements
ne dollar ke global role ko pakka kar diya. Bretton woods, ji mein dollar ko reserve currency
bana diya gaya. Marshall plan, jis se war ke baad Europe ka reconstruction hua aur dollar ki
demand badh gayi. And Washington census, jis se free trade policy promote hui, jis se global
trade mein dollar ka use hone laga.
1974 mein, Saudi Arabia and baad mein aur OPEC members ne, oil ko sirf dollar mein
bechna agree kiya. Jis ke badle US ne protection and investment promise kiya. Ye system
petrodollar ke naam se jaana jaata hai.
Is se vishv ki trade pe kaafi farq pada. Oil import karne waale deshon ko US dollar ki jaroorat
thi. Aur iss se dollar ki demand badh gayi aur dollar world ki reserve currency ban gaya.
Dollar ki demand hone ki wajah se, US bada trade deficit afford kar paata tha aur dollar print
kar raha tha bina desh mein mehengayi badhe. 2002 tak bhi world ke lagbhag saari oil trade,
dollar mein hi ho rahi hai. 88% foreign exchange mein dollar involved rehta hai.
Jyaada mushkil top pe pahunchna nahin hai but apni position bachani hai. Ab dekhte hain US
ki military strategy, jis se US ne apni position defend kari. Uss se pehle, dekhne waalon ke
liye ek sawaal. US ka military budget, kitne deshon ki GDP se jaaya hai?
Defending domination of US economy and US Dollar
US military par unimaginable amount spend karta hai. 2024 ka military budget lagbhag $886
billion hai. US defence budget world ke military budget ka 40% hai and 168 countries ki GDP
se jyaada hai. Ye hi nahin, ye budget US ke baad dass sabse jyaada kharch karne waale
desho ke total se bhi jyaada hai.
Is budget se, US sirf apni territory hi nahin protect karta but poore vishv mein intervene
karta hai. US ke 700 se bhi jyaada military base hain poore vishv mein, jo ki vo istemaal karta
hai apne business interest aur democracy ko promote karne ke liye. Udhaaran ke liye, 1954
mein Guatemala mein takhtaapalat kiya apna interest bachane ke liye, Bay of Pigs mein
Cuba mein invasion kiya Fidel Castro ko overthrow karne ke liye and 1953 mein Iran mein
takhtaapalat and 2003 mein Iraq mein invasion. 2014 mein US ne Ukraine ko bhi assist kiya,
jis ko Russia ne interference ki tarah liya.
Reserve currency and badi military hi akele kaafi nahin hai. Jaante hain ki US kaise vishv ka
leading economy bhi hai.
US Economic Dominance
With approx. 29 trillion dollar of GDP, the US ranks 1st globally in nominal GDP, accounting
for about 26% of the global economy.
Capitalism has been at the core of US economy growth and dominance. Capitalism
encourages entrepreneurs and investors to take risks and innovate, which has led to the
creation of many successful companies.
US has always pioneered in technological innovations that have helped US stay ahead from
rest of the countries. Emphasis on Research and Development of R&D has been one of the
reason that has kept US ahead vs others. In 2023, US spent $ 711 billion in R&D, which is the
highest and more than many countries GDP. World Class Universities; Venture Capital
Ecosystem and Government policies have also been the reason of US dominance on
technological innovations.
American multinational corporations or MNCs are a major force behind the US's global
economic influence. In 2024, 23 of the world’s 50 largest companies were American, led by
Walmart, Amazon, Microsoft, and Apple. The United States technology sector continues to
outperform expectations in 2024, driven in part by advances in artificial intelligence and a
renewed focus on innovation. The Nasdaq delivered a total return of 45% in 2023.
US is the service economy pioneering in leading technologies and trends in the world. Such
innovation and growth wouldn’t have been possible without the people of US.
Immigrants: Boon or Bane
The U.S. is home to the largest number of foreign-born residents in the world, with
immigrants making up nearly 14% of the population. In the early years of the U.S.,
immigration was largely unrestricted. During the late 18th and early 19th centuries,
European settlers came in large numbers to the U.S., particularly from Ireland, Germany,
and Italy. As the U.S. expanded westward and saw an influx of diverse populations, including
Chinese and Indian immigrants.
These immigrants are the reason of such a fast growth that US achieved. 25% of Nobel
laureates in the U.S. were immigrants, highlighting the critical role they play in advancing
knowledge and innovation. Silicon Valley, the hub of global technological advancement,
owes much of its success to immigrant entrepreneurs and tech workers. Nearly 45% of
Fortune 500 companies were founded by immigrants or their children, including major firms
such as Google, Intel, and Tesla. Immigrants make up 24% of the U.S. STEM workforce.
Immigrant founders have started more than 50% of unicorn startups.
Immigrants also play a key role in counteracting the ageing population in the U.S. As the
native-born population ages, immigrants contribute to maintaining a healthy workforce and
supporting social programs like Social Security. Without immigration, the U.S. would face a
declining labour force, which could stifle economic growth and innovation.
While US has been a dominating force since sometime now, however, future is still
uncertain and US faces serious challenges from multiple fronts.
Current Challenges
US ranks number one in nominal GDP, however, in terms of Purchasing Power Parity or
PPP, US ranks second after China. Biggest threat that US has today is from China. China is
modernizing its military, investing heavily in emerging technologies and also developing
strategic assets across the world.
Recent sanctions imposed on Russia by the US, has also brought China and Russia much
closer. With the combined might of China and Russia, they can fuel growth of each others
economy and can challenge US with more muscle power.
The U.S. economy is projected to see moderate growth, with real GDP rising around only 2%
annually through 2024. However, challenges such as inflation, fluctuating interest rates, and
geopolitical tensions pose risks on this moderate growth. Current higher interest rates
aimed to target inflation isn’t helping the economy and is making recovery tougher.
National debt is at a historic high, exceeding $33 trillion at 120% of GDP, which is very high
than the reasonable level and is this debt is also growing rapidly. Without reforms, rising
interest payments and debt could reduce government spending and risk economic crises
and also weakens the US Dollar.
The potential end of the US Saudi petrodollar agreement could further weaken the
dominance of the U.S. dollar. Saudi Arabia's alignment with BRICS and exploration of local
and digital currencies for oil trade signal this shift. If the petrodollar system dissolves, it
might decrease demand for U.S. Treasuries, leading to higher U.S. interest rates.
World is moving from dominance of 1 superpower or bipolar world in the past to a
multipolar world and the strategy to ensure their dominance, US will require different
strategies than what has worked in the past.