Map of Farso on The UNITED STATES, in particular, with a large domestic market and few overseas connections compared with European powers, favored an isolationist stance with a strong protectionist element that contributed significantly to the stock market crash of 1929 and the subsequent Great DEPRESSION. World War II provided a stimulus to the American economy such that at the con- General Agreement on Tariffs and Trade 335 clusion of the fighting, the United States was recognized as the emergent world economic leader. Postwar discussions of the shape and nature of an international economic order that would help prevent the same economic problems (stimulated by the work of John Maynard KEYNES), as well as contributing to maintaining international peace in the face of the Cold War, centered on the creation of three institutionsthe WORLD BANK, the INTERNATIONAL MONETARY FUND (IMF), and the International Trade Organization (ITO). ITO was intended to be the body which would regulate international trade and ensure fair play. However, America was mindful of its economic strength, which it wished to deploy in bilateral rather than multilateral forums, and its strong balance of payments surplus, and Congress refused to approve the Treaty of Havana that would have confirmed membership in the ITO. As a result, the ITO plan was abandoned, since it would have been impossible to operate without the support of the United States. In its place, the GATT was born, as an interim institution that was never, in fact, succeeded by the UN-sponsored successor to ITO that had been expected. Map of Farso 2016.
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