In the late 1940s, officials at the U.S. State Department began campaigning for the creation of an International Trade Organization (ITO). This new organization would oversee global negotiations on trade liberalization, foreign direct investment, cartels, and commodity agreements; and it would complement the IMF and the World Bank, both of which were founded at the Bretton Woods Conference in 1944 to address international financial flows.

1. Please explain the significance of this historic agreement and the impact it had on the United States economy.

2. What is the benefit of having the IMF and World Bank? Has it had a positive or negative effect on international banking?

3. Recently, President Trump has said he wishes to remove the United States from the World Trade Organization. Do you think this is good or bad for international relations and trade?

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1 The creation of the International Trade Organization ITO was significant for several reasons First it was a response to the failures of the preWorld ... View the full answer