The Rise of World Trade
A look at the rise of world trade and some of the international agreements which exist between countries.
This paper describes the historical conditions which facilitated the birth of an international trading community. It also analyzes agreements which exists between trading countries and other institutions such as GATT, the World Trade Organization (WTO) and the International Monetary Fund (IMF).
“After the end of World War II, many of the leaders of the world’s countries realized that one of the lessons that they needed to learn was the damaging nature of the protectionist monetary and trade policies that grown steadily in the years since 1871 and especially the protectionists trade restrictions that had been thrown up by various countries during the interwar years. Thus began what was in many ways – although certainly not all?a spirit of anti-protectionist multilateral trade agreements and other forms of international economic cooperation. While there have certainly been some exceptions to this general trend, open borders to trade and international monetary policy seem likely only to be strengthened as the world’s economy continues to become more globally linked and dependent – this despite the concerns of many in the labor and environmental movements about the costs to the worker and to the earth of unrestrained trade.”