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Bretton Woods Conference 1944 How Do We Avoid Future Wars?

Bretton Woods Conference 1944 How Do We Avoid Future Wars?. John Maynard Keynes, Britain Harry Dexter White, U.S. Free Trade over Economic Nationalism. End of huge tariffs (Smoot-Hawley) that promoted trade wars

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Bretton Woods Conference 1944 How Do We Avoid Future Wars?

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  1. Bretton Woods Conference 1944 How Do We Avoid Future Wars? John Maynard Keynes, Britain Harry Dexter White, U.S.

  2. Free Trade over Economic Nationalism • End of huge tariffs (Smoot-Hawley) that promoted trade wars • Use of the American Dollar as basis for international monetary value (stayed until 1971) for stability • Establishment of G.A.T.T. : GENERAL AGREEMENT ON TRADE AND TARIFFS WITH EVENTUAL CREATION OF WORLD TRADE ORGANIZATION: WTO

  3. World Bank and International Monetary Fund (IMF) • Lending institutions that would be part of newly created United Nations to help underdeveloped countries economically • “A rising tide lifts all ships”….world trade with reduced barriers would promote economic development and improve living standards around the globe thereby reducing chances of war.

  4. 1946-1991 The Cold War • U.S.-Soviet Union wartime alliance collapsed with both sides dividing up globe between capitalist and communist economies • U.S. Marshall Plan to rebuild Western Europe was successful in making it capitalist

  5. 1993 GLOBAL ECONOMY • Post Cold War makes total international trade a reality with Eastern Europe, Russia, China and India becoming major players • GATT finally delivers the World Trade Organization (WTO) to govern free trade • Telecommunications and transportation improvements make international trade more profitable for multinational companies • Regional Trade Blocks also formed to promote free trade

  6. European Union • European Common Market established in 1955 with Western states • 1993 European Union created to promote free trade and stability; many adopt EURO

  7. Eurozone

  8. North American Free Trade Agreement: NAFTA • 1993 U.S., Mexico and Canada sign the free trade agreement • Reduced tariffs between the three to promote economic growth and stability

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