ECO 120 Study Guide - Final Guide: Bretton Woods System, General Agreement On Tariffs And Trade, Marshall Plan
Document Summary
Ww1 and ww2: no trade, capital flows or labor flows: income falls, tax revenue falls, budget deficit, inflationary finance, leading to further economic collapse. Three parts reviving the global economy: 1. Trade liberalization in general agreement on trade and tariffs (gatt: 2. Bretton woods system 1945- fixed exchange rate system for settling international payments and replacing the gold standard: 3. Creation of the international monetary fund (imf) in 1945 and the. Marshall plan 1947-1951: europe borrows from us. Gatt 1944-1993: collapse of international trade because of trade barriers, 23 countries sigh agreement to coordinate reduction of tariffs, results in revival of international trade, reorganized into wto in 1193. Luxembourg: all trade barriers: tariffs, subsidies, and discriminatory policies abolished among members for coal and steel. Ecsc to eec to eu: the 6 expanded the ecsc (treat of rome 1972) to all goods and form the.
