SOSC 1520 Lecture Notes - John Maynard Keynes, General Agreement On Tariffs And Trade, Comparative Advantage

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Bretton woods a conference held in 1944 between the 44 allied nations. The conference was held in order to better advance international relations with principles of neoliberalism. Fixed exchange rates which advocated stability of currencies (gold standard), set capital controls and international organizations such as the imf and the world bank were established for political and economic development within states. Gatt was formed for the liberalization of trade among states in order to promote international political and economic co-operation. The agreement was formulated by economist john maynard keynes and had a strong influence on history as the organizations that were established still exist in modern society and continue to foster international economic development. The agreement was abandoned after the keynesian welfare crisis. Foreign direct investment where a foreign firm or individual acquires or invests in a domestic firm. Fdi has rapidly improved through the recent effects of globalization on finance where investments beyond national borders have become facilitated.

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