HI125 Lecture Notes - Lecture 17: Unemployment Benefits, Marshall Plan, General Agreement On Tariffs And Trade

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3 Apr 2016
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End of global" economy in the interwar years: faced the global depression. Tariffs were introduced so that didn"t help: couldn"t get out of the depression even though being a large country until ww2, a lot of countries decided on isolation. Later realized that it made the depression much more severe than it needed to be. Policies and determination to create a prosperous international economy. Better way to facilitate economic growth was trade between countries. Plus trade leads to a better politically stable environment. Characterized by trade and business on an international scale: bretton woods 1944 & gatt 1947, bretton woods a common means to how the countries could deal internationally deal with economic downturn. Goal was to achieve more stable currency, relative to each other: gatt general agreement on trade. Link western economies and increase global trade. Cold war: 1945s to 1980s: west vs. east. Global" trade did not include many eastern european and asian countries.

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