India at crossroads of history: Can we shape the next world order?

History moves in rhythms. For centuries, the arc of empires has followed a familiar pattern: nations rise on the back of strong education, innovation, trade, and trust in their currency. Over time, excess debt, inequality, and political conflict erode that strength. Power shifts elsewhere, a new reserve currency emerges, and the cycle begins again.

Ray Dalio’s research on the changing world order captures this story well. Over the last 500 years, we’ve seen Portugal dominate trade in the 1500s, followed by Spain, the Dutch Guilder, the French Livre, the British Pound, and eventually the US Dollar. Each held the mantle for roughly a century before the world moved on.

Today, the US Dollar’s supremacy is under its most serious scrutiny in decades.

Why the Dollar’s Grip Is Loosening

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