Are you asking if collecting taxes in the currency is the “necessary but not sufficient” condition for a currency to have value? Sure.
The second thing I wrote about (military consequences) is another thing altogether. Obviously, things are slightly more complicated in modern economies and with global capitalism so they aren’t the only factors that matter, but they’re important. In addition, prior to Trump part two, there was also the dominance over global capitalism using soft power, but I think we’ve begun the process of “uncentering” ourselves in that system.
Isn’t that a ‘necessary but not sufficient’ condition though? I’m thinking principally of the struggles in Zimbabwe here.
Are you asking if collecting taxes in the currency is the “necessary but not sufficient” condition for a currency to have value? Sure.
The second thing I wrote about (military consequences) is another thing altogether. Obviously, things are slightly more complicated in modern economies and with global capitalism so they aren’t the only factors that matter, but they’re important. In addition, prior to Trump part two, there was also the dominance over global capitalism using soft power, but I think we’ve begun the process of “uncentering” ourselves in that system.