The Doom Loop: Why the World Economic Order Is Spiraling Into Disorder by Eswar Prasad is a good book for explaining the current trouble with a dollar for anyone who wants a non-technical read on the subject. It focuses on the intersection of economics, finance, and geopolitics rather than on the theory of international finance.
The book’s main focus is that we are caught in a destructive feedback loop driven by a changing geopolitical environment. The movement away from US hegemony in globalization is now being replaced by a fragmented system with more dispersed economic and financial power. It is not that we should go back to the old system, but globalization caused fissures that cannot be replaced. The backlash to a global hegemony of rules and governing institutions means that a single currency cannot dominate the world and create a stable world order.
Can the dollar be replaced? The answer is no: the dollar cannot dominate, which means there will be more financial instability in a world order that cannot be controlled.
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