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International Institutions and the Global Economy
International institutions and the global economy
Introduction

At the end of World War II the world's developed countries designed a number of international institutions whose purpose would be to govern currency relations, international monetary relations, and trade relations among states. Known as the Bretton Woods system, these institutions were designed by policy-makers who were eager to devise a multilateral system that could prevent future breakdowns of the international financial system such as the one that devastated economies all over the world during the 1930s. As states adopted ‘beggar thy neighbour’ economic policies during the 1930s, world trade declined, foreign investment dried up, and economies shrank. Policy-makers in the world's wealthy countries agreed that a multilateral system of governance was needed to ...

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