preview

Significant Changes Of The World Economy In The 1940's

Decent Essays

The most significant change in the world economy in the past 30 years is the decline in trade and investment barriers. In the early 1900’s, in an attempt to protect domestic industries, many countries enacted tariffs on imported goods from other nations. High tariffs restricted trade between countries. It was not until after World War II these tariffs slowly began to be decreased.
In the 1940’s several organizations were created to help manage and regulate the global market place: The General Agreement on Tariffs and Trade (GATT); later the World Trade Organization (WTO); International Monetary Fund (IMF); and the World Bank.
The member nations of GATT worked to lower tariffs and barriers to allow for the free flow of goods, services and

Get Access