The US Dollar isn't just money—it’s a global power play that lets the US rewrite the legal rules for other countries.
March 25, 2026
Original Paper
Dollar Hegemony as International Law-making Power
SSRN · 6428820
The Takeaway
Because international trade relies on the dollar, the US can force its own domestic legal logic regarding sovereign immunity and jurisdiction onto the rest of the world. This effectively turns the global economy into an extension of the US legal system, overriding the sovereignty of other nations.
From the abstract
The so-called weaponisation of the dollar as part of the escalating geopolitical competition has drawn attention to dollar hegemony within the fields of international law, international relations and political economy alike. This article contributes to discussions about the advantages conferred to the US due to the international role of the dollar and to emerging debates about international law and political economy by demonstrating that dollar hegemony operates as a form of international law-ma