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Free Trade vs Protectionism

on Woodssystem that originated from a 1944 conference at Bretton Woods, New Hampshire. Thoseparticipants in this conference created three organizations to help regulate the internationaleconomy. The first is the International Monetary Fund (IMF) which was established withthe idea of regulating monetary policy. One of the benchmarks of the IMF is thestabilization of exchange rates and the loaning of money to help stabilize countries withbalance of payments deficits. The second organization established was the GeneralAgreement on Tariffs and Trade (GATT) whose main focus was on a liberal trading order. Their mission was to reduce trade barriers on manufactured goods and to build-up theprinciple of most-favored nation (MFN) status. This would impose a sense of fairnessbetween countries in that each was required to levy the same low tariffs on each othersimports. The third and final organization sponsored by Bretton Woods is the World Bank. The World Bank’s most ambitious aim was the fostering of economic development. Thisis accomplished through loans to struggling countries. In addition to the World Bank, theInternational Finance Corporation was annexed to provide loans to corporations who areseen to help aide in poor countries’ development. These three organizations within theBretton Woods agreement captured the cooperation of the global community due to theone thing they all found in common: a commitment to a free market and economicfreedom. In the 17th and 18th century, the American revolution was triggered by the SugarAct of 1764 and the Stamp Act of 1765. The Sugar Act imposed import duties on foreignmolasses, sugar, wine, and other commodities. The Stamp Act provided a tax on allimportant documents, periodicals, almanacs, pamphlets, and playing cards. The colonistsbelieved that these control practices were unfounded since they advocated “No taxationwithout Representation.” These protectionist mea...

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