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Economic scholars Menzie Chinn and Jeffrey Frankel argued that the waning power of the British pound, hit by two world wars and a global economic depression, allowed the American dollar to surpass the once robust British currency. The strength of the British pound continued to persist, but its preference as a standard currency for global commerce was weakening over time. American dollars could not compete with European currencies.

Far from the isolationism that characterized US global politics, the immediate aftermath of World War II established a clear desire among American political and economic leaders to protect this newfound power and to secure the United States as the leader of the “free world.”Īt end of nineteenth century, the British pound was more than double in value to its closest competitor, which included the French franc and the German mark. By the end of World War II, however, the United States stood as one of two leading global powers, alongside the Soviet Union, which had experienced a similarly unexpected rise to power. Most Americans remained content to let other powers, such as Great Britain, fill that role. Before the start of World War II, the idea of the United States as a leading global power was not an ambition of American politicians. The “war to end all wars” ultimately failed to live up to its name, and Americans were wary of once again of getting involved in foreign conflicts. The aftermath of World War I confirmed the importance of isolationism to many Americans. Courtesy of the National Archives and Records Administration, 200610. Top Image: President Truman with members of his Cabinet and other officials, in the Cabinet Room of the White House.

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