Tag: World Trade Organization

Differences between Bretton Woods world trade regime and the current world trade system governed by the World Trade Organization

The Bretton Woods system was the result of a grand financial conference at the culmination of the Second World War. The participants were delegates drawn from 44 Allied countries that were in coalition against the defeated Axis powers. The main purpose of the conference was to organize and regulate the international monetary and financial systems, which were thrown into disarray during the war. The chief outcome of the event was the signing of GATT (General Agreement on Tariffs and Trade. The conference laid the foundation for the later emergence of World Bank and the International Monetary Fund. The priorities and economic models adopted by the WTO are a marked contrast to that of the Bretton Woods regime. The mantra of WTO since 1972 has been international trade liberalization. The Marrakech Agreement of 1995 officially replaced the other GATT regime. Although free trade is paid lip service, the arrangements are more favorable to countries and business corporations with bigger . . . Read More

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